The House of Representatives Committee on Petroleum Resources Downstream has offered an insight on the reason behind ongoing efforts to amend the Petroleum Industry Act (PIA).
  
The chairman of the committee, Hon. Ikenga Ugochinyere, on Friday explained that the initiative was aimed at further strengthening the downstream oil sector of the economy.
 
Ugochinyere, while noting that the PIA since its passage in 2021 has helped in e transforming the sector, said the lawmakers plan to amend specific sections was to further strengthen the downstream sector.
 
He said: “The House of Representatives Committee on Downstream will reintroduce the bill to amend specific sections of the Petroleum Industry Act (PIA) in order to strengthen the downstream sector. Following a recent committee meeting, the committee resolved to initiate amendments after identifying key areas of conflict, institutional weaknesses, and regulatory gaps that have hindered effective downstream operations and consolidation.

 “The committee is currently fine-tuning the proposed amendments, which are aimed at enhancing sector performance, empowering the regulator, and improving revenue generation. During the meeting, members unanimously agreed to sponsor the relevant legislative changes and are now seeking the support of colleagues from other sectors of the industry to ensure broad-based backing.
 
“These amendments will be publicly unveiled during their first reading in the coming weeks, and will mark a significant step toward addressing the deep-rooted challenges currently facing the downstream sector.”
   
Without these changes, the committee warned, the sector risks becoming further weakened, thereby undermining Nigeria’s broader energy stability and economic growth goals. The PIA provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, and the development of host communities.