The President of the Senate, His Excellency, Distinguished Senator Godswill Obot Akpabio, GCON, has officially declared open the Stakeholders’ Engagement Programme on “The Petroleum Industry Act (PIA) Implementation Journey: Industry Impact and the Path Forward” on wednesday, 21 October, 2026 at the Transcorp Hilton Hotel, Abuja.
Convened five years after the enactment of the landmark Petroleum Industry Act (PIA) 2021, the high-level event brought together key industry regulators, commercial operators, host community representatives, and key energy stakeholders to critically evaluate implementation progress and map out the sector’s future trajectory.
In his opening address, Senator Akpabio highlighted the historic significance of the PIA in seeking to transform Nigeria’s oil and gas sector through stronger governance institutions, heightened transparency, competitive fiscal frameworks, and equitable wealth distribution. However, he emphasized that the true measure of the legislation lies in its actual performance rather than its enactment.
“Has the promise of reform become the reality of progress? Have we translated legislation into institutional performance, investment into prosperity, and petroleum wealth into tangible improvements in the lives of Nigerians?” Senator Akpabio questioned. “A law does not succeed merely because it has been enacted. It succeeds when it delivers the results for which it was made. We must therefore move from the promise of reform to the proof of performance.”
The Senate President commended NNPC Limited, Neo Mundo Limited, and collaborating organizations for organizing the forum. He stressed that the primary objective of the engagement is not merely to celebrate the law, but to conduct an evidence based assessment, confronting shortcomings, consolidating achievements and refining operational mechanisms without avoiding accountability.
Senator Akpabio outlined critical benchmark areas that require concrete evidence over rhetoric:
- Assessing whether regulatory bodies offer predictability and operational ease.
- Evaluating if fiscal terms are successfully attracting capital.
- Verifying whether NNPC Limited is achieving its commercial mandates.
- Monitoring improvements in energy supply chains and security against oil theft.
- Ensuring host community development trusts yield tangible infrastructure, environmental responsibility, and improved living conditions.
Reaffirming the constitutional commitment of the 10th Senate, Senator Akpabio underscored that legislative responsibilities extend well beyond presidential assent. He noted that under the administration of President Bola Ahmed Tinubu, GCFR, the National Assembly remains steadfast in providing robust oversight and legislative support to drive economic growth and protect national assets.
Concluding his address, Senator Akpabio charged participants to deliver actionable outcomes, including prioritized recommendations, clear institutional assignments and realistic implementation timelines.
“We have enacted the law. We have established the institutions. We have declared the promise of reform. Now we must deliver the results,” Senator Akpabio declared as he officially opened the sessions.
