Abstract
The Petroleum Industry in Nigeria remains pivotal and critical as a major source of national
revenue since the discovery of oil in commercial quantity in 1956. Given the severity of the impact
of oil industry operations and activities on the environment, human health, livelihood of people in
the host communities and sustainable development over the years in Nigeria, the Petroleum Industry
Act 2021 (PIA) is expected to effectively regulate the operations of petroleum companies and other
entities in the Nigerian oil and gas industry in line with global best practices. This paper reviews
the PIA and analyses its objectives, and benefits of its implementation and enforcement. The paper
recommends that host community development framework as envisage by the PIA should be seen
as complimentary to government obligations and other public development agencies in the Niger
Delta region, including Niger Delta Development Commission (NDDC) and the respective States’
Oil Producing Areas Development Commissions. Also, the paper recommends that there should be
cooperation between both regulatory agencies to avert unnecessary duplications of duties,
accreditations for facilities/ assets, equipment, consultants, contractors, and other support service
providers. In addition, agencies like Nigerian Content Development and Monitoring Board
(NCDMB) should focus on building the capacities of local consultants, project executors and other
critical stakeholders in the oil and gas sector, to enhance transparent, accountable, and effective
management and leadership for sustainable development and full compliance with the PIA.