By George Ozalla
The President of the Senate, Senator Godswill Obot Akpabio, has challenged stakeholders in Nigeria’s petroleum industry to deliver measurable economic gains from the Petroleum Industry Act (PIA), insisting that the success of the landmark legislation must be judged by tangible results rather than promises.
Akpabio spoke on Wednesday at a stakeholders’ engagement programme on the implementation of the PIA at the Transcorp Hilton, Abuja, where he said Nigerians deserved concrete evidence of improved governance, increased investment, efficient regulation and meaningful development of oil-producing communities, five years after the law was enacted.
In a statement on the engagement signed by Rt. Hon. Eseme Eyiboh, MNIPR, Special Adviser on Media and Publicity to the President of the Senate, Akpabio stressed that enacting the legislation and establishing the necessary institutions were only the beginning, adding that its effectiveness must be measured by its impact on the petroleum industry and the wider economy.
“We have enacted the law. We have established the institutions. We have declared the promise of reform. Now we must deliver the results,” the Senate President said.
Akpabio commended NNPC Limited, Neo Mundo Limited and other institutions involved in organising the engagement, describing the gathering as an opportunity to evaluate implementation, consolidate achievements, address shortcomings and develop practical strategies for achieving the objectives of the Act.
He identified regulatory efficiency, investor confidence, the commercial performance of the national oil company, petroleum production, energy infrastructure and host-community development as critical indicators for assessing the law’s success.
According to him, implementation challenges must be addressed through evidence-based assessments and appropriate institutional action rather than rhetoric or the apportionment of blame.
“Cooperation must never become an excuse for avoiding accountability,” he cautioned.
The Senate President reaffirmed the National Assembly’s commitment to legislative oversight, emphasising that the legislature’s responsibility does not end with the passage of a bill and presidential assent.
He explained that while some implementation challenges might require legislative intervention, others could be resolved through regulatory improvements, administrative efficiency and stronger coordination among relevant institutions.
Akpabio warned that Nigeria could not afford to squander the economic opportunities presented by its petroleum resources, noting that investment uncertainty, crude oil theft and avoidable regulatory delays continued to impose significant costs on national development.
He called for a petroleum industry characterised by firm and predictable regulation, profitable and responsible investment, accountable institutions and the protection of national interests without discouraging legitimate enterprise.
He also urged Nigeria to respond decisively to changes in the global energy landscape by improving the competitiveness of its petroleum industry, unlocking the potential of natural gas, strengthening domestic energy security and preparing the economy for emerging opportunities.
On host-community development, Akpabio maintained that the PIA must deliver benefits beyond statutory provisions and corporate financial statements.
He said the performance of host-community development trusts should be reflected in improved infrastructure, environmental responsibility, sustainable livelihoods and better living conditions for communities whose lands and waters support petroleum operations.
“The true wealth of a nation is measured not merely by the crude oil it exports or the revenue it earns, but by the opportunities it creates, the industries it builds, the jobs it generates and the dignity it brings to its people,” he said.
The Senate President urged regulators, industry operators and host-community representatives to use the engagement to identify operational constraints, investment challenges and development priorities. He insisted that the deliberations must produce practical recommendations, clearly assigned institutional responsibilities and realistic implementation timelines.
According to him, the outcome should go beyond a communiqué to establish a credible framework for sustained engagement, legislative oversight and appropriate executive and regulatory action.
Akpabio also reaffirmed the National Assembly’s commitment to supporting the economic reform agenda of President Bola Ahmed Tinubu, stressing that responsible legislative support must be matched by rigorous oversight to ensure that reforms deliver lasting benefits to Nigerians.
He described the country’s petroleum resources as a national inheritance held in trust for present and future generations, requiring integrity, discipline and responsible management.
Akpabio said history would judge the stewardship of Nigeria’s petroleum wealth not merely by the laws enacted, institutions established or revenues collected, but by the prosperity created, opportunities opened, communities transformed and future secured.
He subsequently declared open the stakeholders’ engagement programme, expressing confidence that the expertise assembled would generate outcomes capable of advancing the petroleum industry and Nigeria’s broader economic transformation.
