Nigeria: state-owned oil firm to be replaced by a private company

Government in Nigeria said under a new law which came into effect on Tuesday, it will disband state-owned oil company. The Nigerian National Petroleum Corporation would be replaced by an independent company.

President Muhammadu Buhari said the Petroleum Industry Law, which was nearly 20 years in the making, marked the end of decades of uncertainty and under-investment in the energy sector.

He said Nigeria had been running an oil industry governed by obsolete laws enacted more than 50 years ago.

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New legislation merges around 16 previous laws and revises almost every aspect of power generation, BBC News reports