According to a presidential spokeswoman, Nigerian President Muhammadu Buhari signed into law an oil reorganisation bill that has been in the works for nearly two decades.
Almost every facet of the country’s oil and gas production is overhauled as part of the programme. Last month, the legislature gave him permission to sign it.
The law has been in the works since the early 2000s, but the sensitivity of prospective changes affecting Nigeria’s most important source of revenue and foreign cash has thwarted all past attempts at reform.
A provision that major fuel marketers and other observers thought may give Africa’s richest man, Aliko Dangote, an effective monopoly on fuel sales in Nigeria concerned them, while communities where oil and gas are produced agitated for a larger part of the oil money.
