Abstract
The Oil and Gas Industry in Nigeria is arguably the most lucrative industry amongst others as Nigeria generates about 95% of the export revenue of the nation. Nigeria’s Petroleum Industry has suffered a lot of setbacks due to poor legal and institutional framework over decades. However, Nigeria’s exodus from the Petroleum Act of 1969 can be described as a step in the right direction, with prospects for industry and the economy. The Petroleum Industry Act, 2021 is an Act that seeks to provide Legal, Governance, Regulatory, Fiscal Framework and Host Communities Development. The Act established two principal regulatory bodies for the industry: Nigerian Upstream Petroleum Regulatory Commission (NUPRC – the commission) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA – the Authority). These two regulators respectively, are charged with the technical and commercial functions of activities in the Petroleum Industry. The authors examine the justification for the Commission and the Authority, vis-à-vis their functions, expectations and criticisms.
Keywords: Challenges, NMDPRA, NUPRC, Petroleum Industry Act, Prospects