Uncertainties, security, price to affect Nigeria’s oil sector

The oil and gas sector in Nigeria, particularly upstream, will be affected by policy uncertainties, security, and slump in the price of crude oil, stakeholders have said.

Players in the industry, in an outlook, ahead of the general elections, equally urged politicians to desist from comments that could further reduce investment inflow of into the sector, adding that the non-passage of the Petroleum Industry Governance Bill, would affect the growth in the sector.

Partner, Odujinrin and Adefulu, Adeoye Adefulu, argued that the bulk of investment inflow into the sector will only maintain existing investments, adding that government must take steps to attract new investments.

On his part, Managing Director, International Energy Services Limited, Dr. Diran Fawibe, noted that investors are currently adopting a wait-and-see attitude due to the prevailing investment climate.“There will be slow down in investment. It will be a temporary phenomenon. The key thing is for us to maintain our political stability,” he said.

The Guardian, February 6, 2019

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now