With increasing support from the government, local exploration and production (E&P) firms are expanding their share of output and prospects. International oil companies (IOCs) have gradually been retrenching their positions onshore and in shallow waters, selling over $7bn in combined assets over the past three years to both local firms and...
Although it is Africa’s largest crude exporter, Nigeria remains dependent on imports for some 86% of its refined fuel needs of 35m litres daily, equivalent to 279,000 barrels per day (bpd). Successive rounds of turnaround maintenance (TAM) have failed to expand domestic refining capacity, while the subsidy structure of fuel sales incentivises the...
Electricity is regularly cited as Nigeria’s chief obstacle to economic growth, but 2013 may mark a turning point for what is often referred to as the country’s Achilles heel. Nigeria has a population of some 168.8m but produces less grid-connected electricity than a major British city. For more than a decade, the lack of reliable power has cut into...
By 2020 Nigeria hopes to be one of the 20th-largest economies in the world and able to consolidate its leadership role in Africa and establish itself as a significant player in the global economic and political arena. This can be realised through efficient utilisation of our natural resources. After 50 years of oil production, Nigeria is...
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