The Petroleum Industry Act (PIA) has had a profound impact on Nigeria’s oil and gas business. Leading industry professionals discussed this impact at the PIA: Navigating the Shift—Essential Implementation Strategies for Businesses webinar. Key tactics for carrying out the PIA in a way that ensures sustainability, accountability, and inclusivity were the main topics of discussion throughout the workshop.
Prominent industry speaker Meka Olowola emphasised the need for sustainability reporting to foster openness regarding the PIA’s execution. “By ensuring accountability in the act’s implementation, sustainability reporting plays a critical role in communicating progress on the PIA,” Olowola stated, stressing that stakeholders from local communities to government agencies can evaluate the degree to which PIA objectives are being accomplished.
The importance of patience was a recurrent issue in the webinar. Dayo Okusami pointed out that even though the PIA is a major step forward for the industry, its complete implementation would take time. Companies and regulatory agencies need to adopt this long-term perspective, understanding that success requires consistent effort and ongoing learning.
Dr. Orji emphasised the importance of having a thorough implementation strategy. In order to ensure that the PIA not only satisfies immediate regulatory requirements but also supports long-term structural changes within the industry, he stressed that meticulous planning will be essential to guiding it to success.
One of the most important points made by Mr. Akimbambo Idiapo-Obe was the importance of indigenous businesses in spearheading the implementation of the PIA. He emphasised that, particularly in areas like the Niger Delta, which has long been the centre of Nigeria’s petroleum industry, local leadership is crucial to determining the direction of the oil and gas sector.
Gender dynamics in communities impacted by the oil and gas industry are also being reshaped by the PIA. According to Mrs. Eugenia Onyiriuka, the act is giving women greater chances to get involved in community issues, which is a step in the right direction towards gender equality in the industry.
Lastly, Glory Alexander discussed the significance of the PIA’s Host Community Fund, which is a feature intended to promote inclusivity. In order to make sure that a variety of views are heard, the fund is bringing together women and young people, who are important participants in the sector’s operations.
The webinar concluded by highlighting how crucial it is that companies and regulators work together to implement the PIA. The act offers a chance to develop a more inclusive, transparent, and sustainable industry. Communities and the nation as a whole stand to gain from the PIA’s ability to alter Nigeria’s oil and gas sector through a shared commitment to long-term objectives and continual progress.