Browsing: Petroleum Industry Act

Nigeria's-Petroleum-Industry
  • Nigeria's oil crisis has steadily grown over the past few months. Today, Nigeria's crude oil sector has become more of a liability.
  • Traffickers have worked with corrupt officials have established an illegal oil pipeline running through the Niger River Deltar.
  • President Tinubu plans to remove all policy or procedural bottlenecks that aid corruption and theft in the oil sector.

Nigeria has one of the fastest-growing industries compared to most of its peers in West Africa. Its diverse economy and adaptive governments have led to numerous markets. As a result, this West African country houses five out of eleven unicorn startups registered in Africa.

Despite its advancements within the Fourth Industrial Revolution, Nigeria has forsaken several core economic activities that have driven its progress for years. For instance, Nigeria's petroleum industry, a primary economic activity within the region, has recently faced numerous hurdles. Nigeria's oil crisis has steadily grown

In 2019, the oil and gas industry was responsible for around 5.8% of Nigeria’s real GDP, 95% of its foreign currency profits, and 80% of its budgetary income. www.theexchange.africa

There is still plenty to accomplish. Even after a year, the PIA is still in a transitional period, with committees deliberating its practical implications. One seasoned Nigerian expert questioned how much the NNPC would change due to its transition into a limited liability corporation. Still, post-PIA data suggests that Nigeria’s oil and gas industry may be moving in the right direction.…