Recently, the Nigerian government, Africa's largest crude oil producer, announced that it would officially launch a new oil industry law this year, hoping to boost the troubled oil industry.

It is understood that novel coronavirus pneumonia and other adverse factors in the past few years have led to a continuous decline in oil production in Nigeria. In order to achieve economic recovery and raise revenue, the Nigeria Oil Industry Act (PIA), which has been finalized for several years, has finally been put into practice.

At the same time, Nigerian President Muhammadu Buhari also announced the establishment of a new state-owned oil company "Nigerian national oil company" and appointed a new senior management to the country's oil industry regulatory authority.