Nigeria's oil sector reforms on hold again

President Buhari’s decision to delay passage of a petroleum industry bill won’t help investment sentiment, but shouldn’t affect offshore activity in the near term

Nigeria's latest effort to reform governance of its oil and gas industry seemed to be going unusually well. The Petroleum Industry Governance Bill (PIGB)—the first and possibly most important of four related pieces of legislation—passed through both houses of the legislature earlier this year, raising hopes that the whole bundle could be on the statute books before next February's presidential elections. All that was needed was presidential assent and there was optimism among the legislation's backers that-whatever its shortcomings-Muhammadu Buhari would see it as better than nothing and give it the nod. Those hopes were dashed, when Buhari declined this week to sign off on the PIGB, demandi