Petroleum Legislation and the Economic Impact of the Petroleum Industry Act (PIA) in Nigeria

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nThis is an unedited manuscript accepted for publication and provided as an Article in Press for early access at the author’s request. The article will undergo copyediting, typesetting, and galley proof review before final publication. Please be aware that errors may be identified during production that could affect the content. All legal disclaimers of the journal apply.n

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Year : 2025 [if 2224 equals=””]04/10/2025 at 11:08 AM[/if 2224] | [if 1553 equals=””] Volume : 15 [else] Volume : 15[/if 1553] | [if 424 equals=”Regular Issue”]Issue : [/if 424][if 424 equals=”Special Issue”]Special Issue[/if 424] [if 424 equals=”Conference”][/if 424] 03 | Page :

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    Nnaemeka Uwaezuoke, Eke Ndukwe Prince,

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  1. Senior Lecturer, Recent Graduate, Department of Petroleum Engineering, Federal University of Technology, P.M.B 1526, Owerri, Nigeria, Department of Petroleum Engineering, Federal University of Technology, P.M.B 1526, Owerri, Nigeria, Owerri, Owerri, Nigeria, Nigeria

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Abstract

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nAbstract

The Petroleum Industry Act (PIA) was enacted in 2021 to reform Nigeria’s petroleum sector by improving regulatory efficiency, investment climate, revenue generation, and host community engagement. This study examines its economic impact using policy analysis, economic data review, and comparative assessment with global best practices. Findings reveal that the PIA has improved governance, with NNPC Limited recording a 28% profit increase in 2024. However, regulatory uncertainty, such as the blocked Shell divestment, continues to deter investors. While government revenue has increased, oil theft and fiscal leakages remain major challenges. The Host Community Development Trusts (HCDTs) have helped reduce vandalism, but fund allocation inconsistencies persist. Environmental regulations under the PIA exist, yet gas flaring and oil spills remain problematic due to weak enforcement. For the PIA to achieve its full potential, policy consistency, improved transparency, and stronger enforcement of environmental and investment policies are essential.nn

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Keywords: Petroleum Legislation, Petroleum Industry Act, Economic Impact, Host community development Trusts, Nigeria

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[/if 424][if 424 equals=”Special Issue”][This article belongs to Special Issue under section in Journal of Petroleum Engineering & Technology (jopet)][/if 424][if 424 equals=”Conference”]This article belongs to Conference [/if 424]

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nNnaemeka Uwaezuoke, Eke Ndukwe Prince. [if 2584 equals=”][226 wpautop=0 striphtml=1][else]Petroleum Legislation and the Economic Impact of the Petroleum Industry Act (PIA) in Nigeria[/if 2584]. Journal of Petroleum Engineering & Technology. 18/09/2025; 15(03):-.

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nNnaemeka Uwaezuoke, Eke Ndukwe Prince. [if 2584 equals=”][226 striphtml=1][else]Petroleum Legislation and the Economic Impact of the Petroleum Industry Act (PIA) in Nigeria[/if 2584]. Journal of Petroleum Engineering & Technology. 18/09/2025; 15(03):-. Available from: https://journals.stmjournals.com/jopet/article=18/09/2025/view=0

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Volume 15
[if 424 equals=”Regular Issue”]Issue[/if 424][if 424 equals=”Special Issue”]Special Issue[/if 424] [if 424 equals=”Conference”][/if 424] 03
Received 23/04/2025
Accepted 29/05/2025
Published 18/09/2025
Retracted
Publication Time 148 Days

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