Tag
OIL AND GAS SECTOR
The Nigerian Economic Summit Group (NESG) has raised concerns over the persistent underperformance of the oil and gas sector, warning that it poses a significant threat to the effective implementation of the 2025 budget.
Olu Verheijen, the special adviser to President Bola Tinubu on energy, has announced that so far Nigeria has attracted over $1 billion in investment in the oil and gas sector across different value chains.
President Bola Tinubu has signed new executive orders aimed at enhancing the investment environment and establishing Nigeria as the top choice for investments in the oil and gas industry across Africa.
Standing out prominently among the sectors, the oil and gas index exhibited exceptional performance, recording an impressive surge of 125% over the year to emerge as the best-performing index of the year.
Nigeria's newly appointed Senate president, Senator Godswill Akpabio, has pledged to promote green technologies alongside the expansion of the country's oil and gas sector.
Nigeria's oil and gas sector faced a range of challenges over the years, including a lack of investments, transparency, and ineffectiveness.
The Oil and Gas sector is one of the most important sectors of the Nigerian economy
Agusto & Co says Nigeria’s real GDP is expected to grow by 3 to 4% in 2022 driven largely by the services, manufacturing and oil and gas sector.
The fund is to boost indigenous participation in the oil and gas sector in order to grow local content.
The Central Bank of Nigeria’s drive to solve liquidity challenges in Nigeria’s financial sectors is already paying off as banks recovered N738.15 billion
Total non-performing loans (NPL) at the end of April stood at N1.69 trillion. According to the latest report, the oil sector accounts for over 60% of the total loan. Also, non-performing loans constitutes 10.83% of total gross loans.
The former Minister of States for Petroleum Resources, Dr. Ibe Kachikwu, has stated that one of the ways Nigeria can grow her crude oil reserves and increase oil production, is by ensuring that the country's refineries are in proper working condition.