Nigeria’s president has signed a law that makes it easier for companies to drill and tap new oil reserves.
The law, passed on Friday, allows companies to develop new oil fields with a total production capacity of 1.2 million barrels per day.
The new law, however, does not make new exploration and production activities possible in the state of Yobe, in the northeast of the country.
The National Petroleum Corporation (NPC) is Nigeria’s state-owned oil company and has been widely criticised for its poor management of oil resources.
However, the Nigerian government said it is now preparing for the new legislation, which it says will help tackle the oil crisis.
The Nigerian government has been battling with the International Energy Agency (IEA) and the United Nations for years to get the country’s oil and gas resources off the ground.
The country’s current energy situation is the result of the “oil boom” that began in the early 1990s, when oil prices were high and Nigeria became one of the world’s biggest oil exporters.
Oil production fell to 2.1 million barrels a day in 2016, but this is expected to rise to 1.5 million barrels by 2020, the Nigeria Petroleum Corporation said in a statement.
“The government is planning to implement the law as quickly as possible,” Abiola Abubakar, a spokesperson for the NPC, said.
Nigeria is a predominantly Christian country.
Nigeria’s government has not allowed independent oil companies to operate in the country, and the oil industry has faced heavy competition from Chinese and other oil companies.
However Abubakaar added that the new law will allow companies to tap new reserves if they have a licence.
It is also the first time that Nigeria has had a national legislation governing oil exploration and extraction.
Abubakhar said the government will now consider the legislation, and if it is successful, the new oil law will be implemented.
“We are ready to implement this law,” Abubacakar said.
“However, it will take time.”
Nigeria’s oil industry is also suffering under the sanctions that the Nigerian authorities imposed on the country in 2015, as well as the ongoing corruption scandals that have plagued the country for years.
Abukabakar explained that the government is in talks with the IEA and the UN to find ways to lift the sanctions.
“There are a number of measures that can be taken that will benefit the oil and energy sector,” Abukar said, adding that he hoped the government would be able to tackle the corruption and corruption scandals.
“It is a time when we have to find solutions to solve our problems,” Abul Aziz said, calling for more development and investment.