Nigeria’s long-awaited Petroleum Industry Bill (PIB) is not expected to be voted on by parliament before a planned general election in February 2015, the finance minister said on Tuesday.
The bill, which is expected to reform Africa’s top oil producer’s oil taxes and licences, and to overhaul state-run Nigerian National Petroleum Corporation, has dragged on for over five years because of political wrangling over its many clauses.
Ngozi Okonjo-Iweala told a conference call with investors that foreign direct investments in the country has grown but for the oil sector because of the bill.
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