Despite Covid-19 challenges, Nigeria’s petroleum industry made progress in 2020
The Covid-19 pandemic and other economic challenges did not distract the petroleum resources ministry from its reform agenda 12 min read
When President Muhammadu Buhari appointed Timipre Sylva, a former governor of Bayelsa State, as Minister of State for Petroleum Resources in late 2019, the country’s petroleum industry was in a deplorable state.
Daily oil production had fallen from 2.3 million barrels projected in the year’s budget to about 1.81 million barrels and high production cost was a serious headache. Also, a global economic downturn was making investment decisions on new projects difficult.
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Autogas: Story of transition to more sustainable future
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With the Federal Government’s bold strides in the transition to autogas as an alternative and eco-friendlier fuel, from the adverse impacts of petrol and diesel as conventional fuels, Nigeria certainly appears determined in engaging with the realities of the times we live in.
This is not only in terms of taking its climate response actions more seriously, which is good for the environment but also as good economics, particularly with the fallout of the coronavirus pandemic, occasioning a burst in the commodity cycle. This has knocked the bottom off the price of oil in the international markets, and deeply unsettled the national economy.