Nigeria heavily relies on revenue derived from the oil and gas sector. Currently, oil and gas provide the highest external income to the 36 states government that make up the federation but it contributes less than 40 per cent to the country’s Gross Domestic Product (GDP). As vital as this sector is to the economy, it is constantly bedeviled … Read More
Nigerian Oil & Gas Companies Face Possible Zero Revenue Generation
The recent upsurge in militant attacks on oil & gas infrastructure in the Niger Delta has significantly reduced production activities of indigenous companies, industry players have said. The Managing Director, Seplat Petroleum Development Company Plc, Mr. Austin Avuru, said about 70 per cent of the nation’s production from the traditional terrain of onshore and shallow water had been locked in. … Read More