Nigerian President Muhammadu Buhari on Monday signed into law an oil overhaul bill that has been in the works for nearly two decades, according to a presidential spokeswoman.
Almost every facet of the country’s oil and gas production is being overhauled as part of the package. Last month, the legislature approved it for his signature.
The law has been in the works since the early 2000s, but the sensitivity of prospective changes affecting Nigeria’s primary source of revenue and foreign cash has thwarted all past attempts at reform.
Major fuel marketers and other observers were concerned about a provision that may give Africa’s richest man, Aliko Dangote, an effective monopoly on fuel sales in Nigeria, while communities where oil and gas are produced agitated for a larger share of oil money.
Analysts believe that passing the bill this year is critical to attracting a diminishing pool of money for fossil fuel development.
Amendments to the package permitted oil corporations to gain a number of privileges in order to attract investment.