Browsing: Nigeria post-oil era

Nigeria has kicked off plans implementation of efforts to prepare its economy for a post-oil world.

According to the Africa’s largest oil producer’s minister of Science and Technology Ogbonnaya Onu, Nigeria looks to introduce methanol into the economy.

The minister who spoke at a forum this week said the move will reduce gas flaring by using the natural gas as a feedstock for methanol production.

The oil and gas sector in Nigeria accounts for about 10 percent of gross domestic product (GDP), according to OPEC estimates.

Nigeria’s revenue from petroleum exports represents around 86 percent of the country’s total exports revenue.

Investments

Nigeria has no plans to drop oil and gas exploration or to stop trying to attract investments in its most important revenue stream, despite the shocking report from the International Energy Agency (IEA), which suggested last week that no new investments in oil and gas are necessary if …