Nigeria is poised to attract over $30 billion worth of investments, as its Senate passed yesterday long-awaited oil governance bill, BusinessDay reports citing Chairman, Senate Committee on Gas, Bassey Akpan (photo).

“Petroleum Industry Governance Bill (PIGB) could attract a minimum of $30 billion investment to Nigeria in the next three years,” Akpan said.

The bill, which has been passed after its third ready, should ensure accountability and transparency in a petroleum sector which has been crippled by corruption and mismanagement for decades. Indeed, analysts say Nigeria has lost more than $120 billion worth of investments due to these, over the past 8 years.

In details, the bill will lead to the creation of four new entities which will be charged to conduct bid rounds, award exploration licences and make recommendations to the oil minister of upstream licences.   

It must be highlighted that the bill is still to be passed by the House of Representatives and the lower chamber of parliament and requires the approval of the President before effectively coming into law.