Oil and gas legal practitioners have called for urgent amendments to the Petroleum Industry Act (PIA) 2021 to eliminate regulatory overlaps, improve stakeholder engagement and strengthen investor confidence in Nigeria's petroleum industry.
The call was made during the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum in Abuja, where the Authority Chief Executive, Rabiu Abdullahi Umar, reaffirmed the regulator's commitment to improving regulatory clarity, encouraging responsible investment and fostering stronger collaboration with industry operators. He said the PIA had fundamentally transformed Nigeria's oil and gas regulatory landscape by creating new institutions and market frameworks.
Also speaking, NMDPRA's Authority Secretary and Legal Adviser, Dr Joseph Tolorunse, urged regulators to move beyond enforcement by leveraging artificial intelligence, data analytics and continuous stakeholder engagement to promote investment, while calling on operators to uphold timely compliance, ethical business conduct and accurate reporting.
Reacting to the discussions, Senior Advocate of Nigeria Abimbola Ademola said the PIA requires significant amendments, arguing that several provisions are impracticable and inconsistent with current realities and international best practices. He identified overlapping responsibilities between the NMDPRA and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as one of the Act's major shortcomings, stressing the need for a clearer legal separation of their functions.
Similarly, legal practitioner Akin Oladimeji called for stronger coordination between both regulators, particularly in revenue administration and implementation of the PIA. He also criticised the issuance of regulations without adequate stakeholder consultation, warning that legal uncertainty and inconsistent regulations weaken investor confidence and could discourage fresh investment in Nigeria's oil and gas sector.
Oladimeji added that the petroleum industry is highly technical and requires transparent regulations backed by meaningful engagement with operators. He urged authorities to review regulations and executive orders that create uncertainty, saying predictable policies are essential to attracting long-term capital.
The renewed calls come despite the gains recorded under the Petroleum Industry Act. According to the House of Representatives, the legislation attracted more than $16 billion in investment commitments in 2025 and contributed to improved oil production, while Deputy Speaker Benjamin Kalu disclosed that Nigeria generated about ₦50.88 trillion from crude oil and gas exports in 2024.
Legal experts, however, maintain that resolving regulatory overlaps, strengthening stakeholder engagement and amending ambiguous provisions of the PIA will be critical to sustaining investor confidence and unlocking the full potential of Nigeria's petroleum industry.