Share FOR close to five decades, crude petroleum has dominated Nigeria’s economy, accounting for about 90 per cent of the country’s foreign exchange earnings, 65 per cent of all government revenues and by 2018, it contributed 88 per cent of foreign reserves. Although the oil industry is not known to contribute mass employment, it has generated at least 600,000 employment opportunities through various projects in the last 10 years. According to statistics, the Industry has shaped Nigeria into the largest oil producer in Africa and the fifth largest LNG producer in the world. Nonetheless, there is a belief among industry experts that the country has not make the most of the potentials which the industry holds like Saudi Arabia, Brazil and Russia had over the years. And so, for many years, various administrations have made efforts beginning from around 2007 with the introduction of Petroleum Industry Bill (PIB) to replace the existing collection of 16 laws and regulations. For 13 years however, not much progress was made although the eighth assembly passed a version of the Bill that President Muhammadu Buhari eventually refused to assent.