PENGASSAN warns regulatory uncertainty threatens Nigeria's oil and gas investment

PENGASSAN President Festus Osifo raised these concerns at the fifth PENGASSAN Energy and Labour Summit 2026 in Abuja. He emphasized that the capital-intensive nature of the petroleum industry makes regulatory certainty crucial for investors. Osifo noted that while the Petroleum Industry Act, 2021, was a significant reform, subsequent changes, including the movement of fiscal provisions and the use of executive orders, have created uncertainty.

He also highlighted issues with overlapping responsibilities among regulatory agencies, advocating for clear rules, predictability for operators, and protection for workers. Osifo urged the government to streamline approval processes and leverage technology to reduce bottlenecks, warning that delays could frustrate development plans and investment decisions. He also called for stronger protection for workers during industry acquisitions and restructuring, and stricter enforcement of expatriate quotas to ensure genuine skills gaps and knowledge transfer.

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, stressed that regulatory stability also depends on the professionals implementing policies. The Minister of Labour and Employment,