Insights, Oil and Gas

The Concept of Deemed Approval in the Oil and Gas Industry

The Nigerian petroleum sector is a heavily regulated industry with unique laws and regulations to guide both government and key players in their respective operations. This industry remains the highest contributor to the nation’s GDP and its importance to the economy is responsible for the strict oversight role played by the ministry of petroleum resources over industry participants.

On 15 February 2023, President Muhammadu Buhari signed the Business Facilitation (Miscellaneous Provision) Act, 2022 (BFA) into law. This piece of legislation was galvanized by the Presidential Enabling Business Environment Council (PEBEC) with the objective of institutionalizing reforms by the amendment of relevant legislation to eliminate bottlenecks within government institutions and promote the ease of doing business in Nigeria….

 

 

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