Tag
OIL SECTOR
Experts in the Nigerian oil and gas sector have said that the government would need to back the ongoing reforms in the sector with incentives to attract investors.
Nigeria’s oil sector grew –0.85% in Q3/2023. This is according to the GDP report recently released by the NBS.
Oil marketers have threatened down tools by next week if the Federal Government does not pay the 12 months bridging claims owed them.
The contraction in the oil sector indicates 7.26% points lower than the growth recorded in the previous quarter (Q2 2020, -6.63%)
The Minister said it was unrealistic for the government to continue with the subsidy regime.
Commercial banks in Nigeria are set to begin the recovery of N6.125 trillion borrowed to oil firms in a bid to braze themselves for recapitalisation.
The contribution of the oil sector to Nigeria’s Gross Domestic Product (GDP) is slightly on the rise, after...