Emmanuel Addeh in Abuja

The Chief Executive Officer of Renaissance Africa Energy Company Limited, Tony Attah, has called for a review of the Petroleum Industry Act (PIA) to align with current economic and sector realities.

Speaking on the theme, “Nigeria Oil and Gas: From Reforms to Recovery,” at the 2025 BusinessDay Annual CEO Nigeria Forum held in Lagos, Attah, noted that while the PIA was a landmark reform when signed into law in August 2021, it had been in development for over two decades, during which time the global energy sector underwent significant transformation.

“The PIA was a bill for 20 years, and while we were busy trying to get it right, the rest of the world moved on,” Attah said. “It doesn’t take cognisance of digitalisation, doesn’t recognise AI, and, in today’s world, you cannot survive without digitalisation. The PIA came late even for its time,” he said.

Attah commended the Nigerian government for recent reforms, including the Executive Order raising contract approval thresholds from $500,000 to $10 million, which he described as a “game-changer” for operational flexibility in a multi-billion-dollar industry.

He also praised the evolving regulatory environment, noting that over 50 per cent of Nigeria’s oil production is now driven by indigenous companies, a testament to the success of local content policies and regulatory support.

“Government reforms are working. Nigerians are taking over. But while the reform is on, there’s still a lot more to be done,” he added.

Attah highlighted pipeline security as a critical challenge, urging regulators to define clearer frameworks for safeguarding infrastructure and ensuring that production reaches the export terminals without disruption.