The Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, has revealed that the Petroleum Industry Act (PIA) 2021 has attracted over $16 billion in investments into Nigeria’s oil and gas sector and significantly boosted crude oil production.
Speaking during a stakeholder engagement in Abuja on Saturday, July 13, 2025, Kalu said the PIA has begun yielding tangible results, citing increased investor confidence and improvements in sector governance as key outcomes of the reform.
He noted that the legislation, signed into law by President Muhammadu Buhari in August 2021, has provided clarity and structure to Nigeria’s petroleum sector, making it more attractive to both local and international investors.
“Since the passage of the PIA, Nigeria has seen over $16 billion in investments channelled into upstream, midstream, and downstream operations,” Kalu said. “This has not only enhanced oil production but has also laid the foundation for sustainable energy sector development.”
The Deputy Speaker added that oil output had steadily increased, with new projects coming on stream and dormant assets reactivated due to improved fiscal terms introduced by the Act.
Kalu also emphasized the role of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in enforcing the new framework, ensuring transparency, and protecting national interest.
He called for sustained collaboration between government agencies, host communities, and industry players to ensure the full implementation of the PIA and maximize its benefits for Nigerians.
Stakeholders present at the event commended the House of Representatives for its continued oversight and legislative backing to strengthen the gains of the petroleum sector reforms.
