“Diversification and re-invention of the economy from a sole petro-dollar source is highly imperative to insulate the country from the effects of future price volatilities.”
According to the stakeholders, in 2018 when the price of oil was fair, Nigeria only recorded $32.63 billion from the sector, but when reformed and is able to attract investments and have full capacity production in leases and engaged value chain, the sector would generate more revenue.
The forum, which featured industry experts, including former government energy advisor, Joe Nwakwue, as well as economist and public policy analyst, Tope Fasua, and organised in collaboration with Publish What You Pay Nigeria and DotCivics, raised the hope that despite the current crisis in the petroleum sector occasioned by the slide in crude oil prices, the market would stabilise.
“Funding of the 2020 national budget in the current crisis is a huge challenge attributed to the fact that Nigeria runs a petro-dollar economy . Though Nigeria recently revisited the Production Sharing Contracts , the stakeholders stated that critical decisions have to be made to determine models that are most suited for efficient running of the nation’s oil gas industry. They advised the government to also revisit the PSC as well as Joint Ventures .
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