Nigeria’s President Muhammadu Buhari has officially signed the country’s much-anticipated Petroleum Industry Bill (PIB) into law, following nearly two decades of attempts at revisions. The signing comes weeks after the country’s Senate and House of Representatives passed a harmonized version of the PIB.

The oil and gas industry has a significant impact on the Nigeria’s economy. Though the industry contributes less than 10% to the country’s gross domestic product, it contributes about 90% of the foreign exchange earnings and 60% of total income.

The legislation suggests the NNPC should become commercially oriented and profit-driven, independent of government intrusions and that the corporation be audited annually.

Parts of the core areas of negotiation was the amount paid by operators to local communities, who pushed for a share of 10% of regional oil wealth from production. The House of Representatives bill approved an increase in the share of regional oil wealth generated from production that host communities can claim from 2.5% to 5%, but the Senate ultimately approved 3%.

The act also lays down rules for environmental cleanups, introduces new dispute-resolution mechanisms between government and oil companies, and sets up a midstream government infrastructure fund.

With Nigeria’s oil industry having faced accusations of a lack of transparency in recent years, the PIB also promises to bring in more effective oversight of the sector.

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