Abuja — Nigeria’s parliament aims to pass a long-delayed bill to overhaul the oil sector by the end of July, Senate President Bukola Saraki told Reuters. The Petroleum Industry Bill (PIB), which aims to improve transparency, attract investors and stimulate growth, has been debated for more than a decade and was broken into sections to help it pass into law. The PIB was discussed for some 17 years before the governance bill was passed by both houses of parliament in January. That unprecedented move, following the decision to break up the unwieldy PIB into smaller bills, raised hopes that the other pieces of legislation could be passed soon after. Nigeria is an Opec member and Africa’s largest oil producer. Crude sales make up two-thirds of government revenue but the sector’s development has been held back for decades by mismanagement. Saraki said in an interview the aim was to ensure all three remaining parts of the legislation were passed by the National Assembly before it went on h...
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