Abstract
The prospects and challenges of the Petroleum Industry Act (PIA) with respect to national
development in Nigeria has been outlined using descriptive mechanism. As a nation, the
prospects of the PIA for its development cannot be over emphasize. Aspects which can hinder
the realization of the objectives of the Act have been identified and outlined. For instance, clear
definition of Host Communities, fiscal policies etc have been reviewed. Based on these
challenges, conclusions were reached, and recommendations have been proffered amongst
which is the institutionalization of fiscal and financial discipline and transparency particularly
to the public.