Stakeholders in the oil and gas, and Investment sectors have said growing socio-economic uncertainties and political instability could further quash inflow of investment into the country.
The experts, who reacted to the declining level of investment into Nigeria’s oil and gas sector, are worried that the country is fast losing its competitiveness to other countries with simpler oil and gas legislation and better business environment.
Latest capital inflow statistics released by the National Bureau of Statistics (NBS), indicated that the inflow into the oil and gas industry declined by $60.77million, about N18.6billion to $24.85million or N7.6billion in the second quarter (Q2) 2018, compared to $85.62million/N26.2billion recorded in the first quarter.
Respondents included Prof. Wunmi Iledare, of the Nigerian Association for Energy Economics (NAEE); Dr. Diran Fawibe, International Energy Services Limited; Managing Director and Chief Executive Officer, Footprint to Africa, Osita Oparaugo; and a former Director, Nigerian Investment Promotion Commission, who chairs, London-based, Foreign Investment Network (FIN), Olayinka Fayomi.
They insisted that non-passage of the Petroleum Industry Bill (PIB) decades after it was initiated is enough reason to keep investors off, adding that since there were other viable investment destinations in the oil and gas sector even in Africa, investors would not risk Nigeria’s volatile market.
Source: The Guardian
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