Section 2 Petroleum Industry Act 2021

Section 2 Petroleum Industry Act 2021 is about Objectives. It is under Part I (Vesting and Objectives) of Chapter 1 (Governance and Institutions) of the Act.

The objectives of this Chapter are to–
(a) create efficient and effective governing institutions, with clear and separate roles for the petroleum industry;

(b) establish a framework for the creation of a commercially oriented and profit-driven national petroleum company;

(c) promote transparency, good governance and accountability in the administration of the petroleum resources of Nigeria;

(d) foster a business environment conducive for petroleum operations; and

(e) deepen local content practice in Nigeria oil and gas industry.