President of the Senate, Godswill Akpabio, has challenged stakeholders in Nigeria’s petroleum industry to deliver measurable economic gains from the Petroleum Industry Act, PIA, five years after its enactment.
Akpabio said Nigerians were no longer interested in promises, but wanted to see tangible improvements in petroleum-sector governance, investment, regulation, production and the development of oil-producing communities.
He spoke on Tuesday at a stakeholders’ engagement on the implementation of the PIA held at the Transcorp Hilton, Abuja. 
The Senate President said the enactment of the law and establishment of relevant institutions were only the beginning, stressing that its success should ultimately be measured by its impact on the economy and the lives of Nigerians.
«“We have enacted the law. We have established the institutions. We have declared the promise of reform. Now we must deliver the results,” Akpabio said.»
He identified regulatory efficiency, investor confidence, the commercial performance of NNPC Limited, increased petroleum production, energy infrastructure and host-community development as key indicators for assessing the effectiveness of the PIA.
Akpabio commended NNPC Limited, Neo Mundo Limited and other stakeholders involved in organising the engagement, describing it as an opportunity to review the progress of PIA implementation, identify gaps and agree on practical measures to address outstanding challenges.
He urged stakeholders to rely on evidence-based assessments rather than rhetoric or blame in addressing implementation difficulties.
“Cooperation must never become an excuse for avoiding accountability,” he cautioned.
The Senate President reaffirmed the National Assembly’s commitment to exercising effective legislative oversight over the petroleum industry, noting that its responsibility does not end with the passage of legislation and presidential assent.
According to him, while some challenges may require amendments to existing laws, others can be addressed through regulatory reforms, administrative efficiency and improved coordination among government agencies and industry operators.
Akpabio warned that Nigeria could not afford to lose the economic opportunities provided by its petroleum resources, citing investment uncertainty, crude oil theft and regulatory delays as major impediments to growth.
He called for a petroleum industry characterised by predictable regulation, profitable investment, accountable institutions and protection of national interests without stifling legitimate enterprise.
He also urged stakeholders to adapt to changes in the global energy landscape by improving the competitiveness of Nigeria’s petroleum sector, unlocking the country’s gas potential and strengthening domestic energy security.
On host communities, Akpabio said the impact of the PIA should go beyond statutory allocations and corporate financial statements.
He said the performance of Host Communities Development Trusts should be reflected in improved infrastructure, environmental protection, sustainable livelihoods and better living conditions for communities affected by petroleum operations.
“The true wealth of a nation is measured not merely by the crude oil it exports or the revenue it earns, but by the opportunities it creates, the industries it builds, the jobs it generates and the dignity it brings to its people,” he said.
Akpabio urged regulators, operators and host-community representatives to use the engagement to identify operational bottlenecks, investment barriers and development priorities, insisting that the meeting should produce practical recommendations, clearly defined responsibilities and realistic timelines.
He said the outcome should go beyond a communiqué to establish a framework for sustained engagement, legislative oversight and appropriate executive and regulatory action.
