The Federal Government and oil sector regulators have been urged to create a more predictable and transparent regulatory environment to attract fresh investment, boost production and protect jobs in Nigeria’s petroleum industry. President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Comrade Festus Osifo, made the call at the 5th PENGASSAN Energy and Labour Summit 2026 in Abuja.
Speaking on the theme, “Strengthening Regulatory Frameworks as a Catalyst for Stability and Growth in Nigeria’s Oil and Gas Industry,” Osifo said closer cooperation among government agencies, regulators, operators, investors and organised labour was essential to unlocking the sector’s potential. He noted that the capital-intensive nature of oil and gas operations makes regulatory certainty a major factor in investment decisions, warning that frequent policy changes could weaken investor confidence.
The PENGASSAN president said although the Petroleum Industry Act (PIA) 2021 was a significant reform, subsequent changes to some of its fiscal provisions, including their movement to the Nigeria Revenue Act and amendments through executive orders, had raised concerns about policy consistency. He also criticised overlapping responsibilities among government and regulatory agencies, saying repeated approvals, inspections and conflicting directives could increase costs for operators. According to him, Nigeria needs “smarter regulations” that maintain safety and environmental standards without unnecessarily slowing investment.
Osifo also connected regulatory stability with workers’ welfare, particularly as companies continue to acquire or divest oil and gas assets. He stressed that employees should not be left vulnerable when ownership changes, insisting that pensions, collective bargaining agreements and other workers’ rights must be protected. He further called for stronger enforcement of local content rules, especially in employment and expatriate quotas, arguing that foreign workers should fill genuine skill gaps while being required to support measurable knowledge transfer and succession plans.
He said Nigeria has the resources to expand domestic refining, gas processing, LPG, CNG, LNG, power generation, petrochemicals and fertiliser production, but warned that significant investment and stable policies are needed to turn those opportunities into lasting economic benefits. Osifo also called for stronger occupational safety standards and industrial harmony, stressing that higher production must never come at the expense of workers’ lives and rights. He argued that a stable oil sector should deliver not only increased output and government revenue, but also decent jobs, investor confidence and broader prosperity for Nigerians.
source: Leadership
