The Deputy Speaker of the House of Representatives, Benjamin Okezie Kalu, has attributed Nigeria’s impressive N50.88 trillion revenue generation in 2024 to the transformative impact of the Petroleum Industry Act (PIA), describing it as a game-changer for the country’s oil and gas sector.

Kalu made this known while speaking at the General Counsel and Legal Advisers’ Forum for Midstream and Downstream Petroleum Companies, organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). He said the Petroleum Industry Act (PIA) had not only restructured regulatory oversight but also rekindled investor confidence in the sector.


The Deputy Speaker revealed that within just two years of PIA implementation, $16 billion worth of investments had flowed into the oil and gas industry, representing a staggering 28,991% increase from the pre-PIA baseline of $0.055 billion in 2020. According to him, these investments have translated into job creation, infrastructure development, and renewed confidence in Nigeria’s economic engine.

“Before the PIA, we operated under a fragmented regulatory structure, plagued by overlapping mandates that hindered efficiency and accountability. The Act reversed this by creating two strong regulatory agencies – the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the NMDPRA,” Kalu stated.

He further noted that 30% of production-sharing contracts are now allocated to community development, ensuring that oil-bearing communities benefit directly from petroleum wealth. This, he said, has fostered peace, stability, and improved host community relations.

Kalu disclosed that Nigeria’s oil production hit 1.69 million barrels per day (bpd) in December 2024, significantly boosting national revenue.

“Nigeria earned N50.88 trillion from crude oil and gas exports in 2024, and we are optimistic about surpassing this figure by the end of 2025,” he added.

The Deputy Speaker reiterated that with the proper implementation of the PIA, Nigeria could solidify its position as Africa’s energy hub while diversifying revenue sources.


On his part, the CEO of NMDPRA, Engr. Farouk Ahmed, said the agency had simplified regulatory frameworks to enhance compliance in midstream and downstream operations. He explained that NMDPRA had streamlined gazetted regulations based on stakeholder feedback to reduce operational bottlenecks.

According to Ahmed, NMDPRA’s proactive policies—including anti-smuggling measures, real-time product monitoring through the Automated Downstream System (ADS), and strict quality control—have boosted investor confidence and reduced cross-border fuel diversion by 35%.

He added that the authority would continue its inclusive engagement strategy to ensure that regulations align with market realities, thereby promoting sustainability in the downstream sector.

Industry experts argue that the PIA’s success could significantly reduce Nigeria’s dependency on external borrowing by increasing oil revenue and foreign direct investment inflows. They also note that the improved regulatory environment is critical to supporting modular refineries, gas infrastructure expansion, and renewable energy integration.

Kalu assured stakeholders that the House of Representatives would continue to provide legislative support to ensure full implementation of the PIA, strengthen energy security, and boost Nigeria’s competitiveness in the global oil and gas market.