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Nigeria Oil Industry in Turbulent Year

Peter Uzoho chronicles the events that shaped the Nigeria oil and gas industry in 2020
The oil and gas industry globally has witnessed its most tempestuous experience in history in 2020. The outbreak of the COVID-19 pandemic from Wuhan, China, and its threat to lives and businesses led to the introduction of lockdowns and other stringent restriction of movement measures across cities of the world.
Nigeria like other countries had begun the 2020 business year on a very promising note. The Nigeria oil and gas industry entered the year basking in the euphoria of a major milestone that was recorded in the twilight of 2019 –the eventual signing of the Final Investment Decision (FID) for the seventh plant or train 7 of the Nigeria Liquefied Natural Gas (NLNG). ....

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As NASS prepares to pass PIB Q1 2021 | Tribune Online

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FOR close to five decades, crude petroleum has dominated Nigeria’s economy, accounting for about 90 per cent of the country’s foreign exchange earnings, 65 per cent of all government revenues and by 2018, it contributed 88 per cent of foreign reserves. Although the oil industry is not known to contribute mass employment, it has generated at least 600,000 employment opportunities through various projects in the last 10 years. According to statistics, the Industry has shaped Nigeria into the largest oil producer in Africa and the fifth largest LNG producer in the world.
Nonetheless, there is a belief among industry experts that the country has not make the most of the potentials which the industry holds like Saudi Arabia, Brazil and Russia had over the years. And so, for many years, various administrations have made efforts beginning from around 2007 with the introduction of Petroleum Industry Bill (PIB) to replace the existing collection of 16 laws and regulations ....

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