The House of Representatives Deputy Speaker B enjamin Kalu says the Petroleum Industry Act 2021 has yielded the country $16 billion in investment commitments in two years.
He said this at the opening of an event jointly organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the General Counsel and Legal Advisers Forum for Midstream and Downstream Petroleum Companies in Nigeria 2025 in Abuja yesterday.
According to him, apart from the PIA yielding $16 billion in investment commitments, it also led to 1.69 million barrels per day in oil production, and N50.88 trillion in revenue generation.
Kalu, represented by the House Committee on Petroleum Resources (Downstream) Chairman Ikenga Ugochinyere, said: “Just two years post-enactment, the impact of the PIA is undeniable.
“We have witnessed an astonishing $16 billion in investment commitments, a staggering 28,991 per cent increase from our pre-PIA baseline of a mere $0.055 billion in 2020.
“These are not just numbers; they represent jobs, infrastructure, and a renewed sense of purpose for our nation’s most vital economic engine.
“And critically, our oil production in December 2024 reached 1.69 million barrels per day. “It is with immense pride that I can state that Nigeria emerged as the leading destination for oil and gas investments in Africa in 2024, accounting for three out of four Final Investment Decisions announced by global oil and gas majors.
This is not by chance; it is a direct consequence of the PIA’s meticulously crafted, investor-friendly provisions. “The impact of the PIA on sector growth is vividly evident in Nigeria’s oil production recovery and its subsequent contribution to our national economy.
“Our oil production reached 1.69 million barrels per day in November 2024, a significant milestone marking the highest level in 44 months.
“This is a dramatic turnaround from the sector’s previous decline, where production had plummeted by 23% between 2020 and 2022. We are not just recovering; we are surging forward.”
