In 2023, VIISAUS was hired as a consultant to work with the Major Energy Marketers Association of Nigeria (MEMAN) to drive transformative progress in the downstream oil sector. Through this engagement, VIISAUS provided strategic support in areas such as Clarifying Strategy, Lobbying, and Advocacy. This collaboration was instrumental in addressing key challenges and shaping a more competitive and sustainable operating environment for stakeholders in Nigeria’s petroleum industry.
The Petroleum Industry Act (PIA) of 2023 aligns seamlessly with this vision of transformation. Building on the 2021 reforms, the Act introduces a comprehensive legal, regulatory, and fiscal framework designed to create transparency, boost investment, and prioritize community and environmental needs. A major highlight of the Act is the commercialization of the Nigerian National Petroleum Company (NNPC), which now operates as a profit-oriented NNPC Limited. Furthermore, the establishment of new regulatory entities, such as NUPRC and NMDPRA, aims to streamline oversight across the upstream, midstream, and downstream sectors.
Particularly, the PIA introduces an impactful reform focused on the deregulation of the downstream oil sector. This reform removes government subsidies on petroleum products, allowing market forces to determine prices. By doing so, it fosters a more transparent and competitive environment, paving the way for increased private sector investment and innovation. Additionally, it seeks to address inefficiencies in the supply chain, ensuring fair pricing and consistent availability of petroleum products across the country.
For stakeholders, the PIA delivers exciting opportunities: clearer investment frameworks, significant benefits for host communities through revenue sharing, and stricter environmental controls. However, successful implementation remains critical to unlocking its full potential.
At VIISAUS, we are proud to contribute to this journey of transformation, fostering collaboration and innovation to redefine Nigeria’s energy narrative. Together, we can fuel the future.