Working paper -  Nigeria’s energy transition:   reforming fossil fuel subsidies and

The PIA establishes the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority to regulate the upstream and downstream sections of the sector. [...] However, oil production has declined significantly in recent years due to the lack of investment in the sector, occasioned by the uncertainty created by the delay in the passage of the PIA, the poor operating environment and infrastructure, insecurity in the Niger Delta, sabotage and vandalism, and compliance with OPEC production quotas. [...] Although the Nigerian government has identified gas as a possible energy transition fuel, the global ambition to meet the 1.5°C scenario will have implications for the sustainability of investment in the oil and gas sector, and ultimately the fossil fuel-based economy. [...] Closely related to this is the lack 13 Under-recovery is the term the NNPC uses to refer to its subsidy spending, and is the difference between the amount of oil revenue and the price of fuel subsidies. [...] Specific to the oil and gas sector, rights to a clean environment, decent jobs and livelihoods were highlighted, as well as the responsibility of companies to deploy clean methods of production, and of governments to ensure the well-being and security of their citizens (Ojo and Mustapha, 2019).