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Vol 59 No 17

Published 31st August 2018


Blame game scuppers reform

After ten years of drafting, the National Assembly has produced an unworkable bill to restructure the petroleum industry 

Plans to modernise the national oil industry have been derailed again by partisan politics and vested interests in a debacle that could cost Nigeria tens of billions of dollars in lost investment. Not only are Nigerians losing out to other leading oil producers in Africa and the Middle East, they are not getting the investment in gas production that they need both for export and for the power generation sector. Although Nigeria has the ninth biggest reserves of gas in the world, countries such as Mozambique and Tanzania are pulling in far more investment because they have agreed on a clear set of industry regulations.

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