An oil rig. PHOTO: FEMI ADEBESIN-KUTI Despite decades of sluggish progress, Nigeria’s Petroleum Industry Bill (PIB) currently being debated by the National Assembly may take the country backward, especially as countries across the world prepare for zero-carbon. Indeed, investment in fossil fuel is drastically declining as most oil and gas companies are diversifying into renewable energy, preferring to be known as energy companies. While the failure to pass the PIB has created missed investment opportunities in the oil and gas sector, the current version of the proposed legislation if passed, could miss out in the opportunities to prepare for the zero-carbon future, Columbia Centre on Sustainable Investment, a joint Centre of Columbia Law School and the Earth Institute, Columbia University has noted.