Nigeria’s oil law is test for Jonathan presidency

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(Reuters) – Nigeria’s landmark energy bill could revive Africa’s biggest oil industry and improve President Goodluck Jonathan’s reputation, but rebellious lawmakers will seriously test his resolve to push it through in its present form.
The Petroleum Industry Bill (PIB) would bring root and branch reform to an industry that produces 80 percent of government revenues but has been plagued by corruption and mismanagement for decades.
The bill has been stuck in parliament for more than five years, casting a cloud of regulatory uncertainty over the sector and driving billions of dollars of investment away to rival oil producing nations. If the uncertainty is left unresolved, oil revenues could soon start falling.

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