Nigeria is 12-th largest producer of oil and gas which are significant resource country’s economy. The government is trying to reform the industry to adjust international and national changes in the business. The legislation frame work should be improved. The evolving Petroleum Industry Bill is now under discussion. The survey was carried out to find out the perspectives of the Petroleum Industry Bill questioning over 500 persons of different managerial level from 11 companies. The findings ascertained a proposed Petroleum Industry Bill is a significant issue at Nigerian oil and gas production. The study was provided evidence ascertaining there linkages between contemporary issues as well obstacles inherent at Nigerian oil and gas production as well as perspectives about Petroleum Industry Bill for competitiveness, operational effectiveness and overall growth of an business at Nigeria. © 2020, Institute of Advanced Scientific Research, Inc.. All rights reserved.