The Managing Director and CEO of Renaissance Africa Energy Company Limited, Mr. Tony Attah, has called for an urgent review of the Petroleum Industry Act (PIA), arguing that the law—though historic—fails to reflect modern realities such as digitalisation and artificial intelligence.

Speaking at the 2025 BusinessDay Annual CEO Nigeria Forum in Lagos, Attah said the PIA, signed in 2021 after more than two decades of deliberation, is already outpaced by global energy trends. “It doesn’t take cognisance of digitalisation, doesn’t recognise AI, and in today’s world, you cannot survive without digitalisation,” he noted. “The PIA came late even for its time.”

Reforms Fueling Progress

Attah applauded the Federal Government’s recent policy actions, including the Executive Order raising contract approval thresholds from $500,000 to $10 million. He described the move as a “game-changer” that enhances operational agility in Nigeria’s multi-billion-dollar oil sector.

He also welcomed the surge in indigenous participation, with local companies now accounting for over half of Nigeria’s oil output. “Government reforms are working. Nigerians are taking over. But while the reform is on, there’s still a lot more to be done,” he said.

Pipeline Security Still a Bottleneck

Despite improved production capacity, Attah warned that poor pipeline security continues to undermine Nigeria’s export potential. “Production is no longer the problem. It is getting the product to market, that is. Between production and point of sale lies the pipeline, and that’s all about security,” he stated.

He urged regulatory agencies to establish clearer frameworks for infrastructure protection, noting that any future reform must address the integrity of the country’s export pathways.

Vision for an Afro-Centric Energy Future

Attah reiterated Renaissance’s commitment to national and continental development, describing the firm’s mission as “Afro-centric” and focused on enabling energy security and industrialisation across Africa. “We want to move Nigeria to centre stage as the true African giant. The renaissance has begun for our company and for our country,” he said.

Renaissance operates Nigeria’s largest upstream joint venture alongside NNPC Limited, TotalEnergies, and AENR. Its portfolio includes 15 onshore and three shallow-water oil mining leases, and the Bonny and Forcados crude export terminals.