Insecurity Is Scaring Potential Investors From Nigeria’s Oil Sector – OPEC

Nigeria’s crude oil production plunged by 2.3 million barrels in July 2022 when compared to what the country produced in the preceding month of June, data from the Organisation of Petroleum Exporting Countries has revealed.

The Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf recently came out to speak on this, and Nigerians have been reacting.

According to him, he can only blame the challenges in the oil sector on the high level of insecurity across the country which has continued to discourage potential investors.

He added that investors in the oil and gas sector continue to lament the challenges posed by oil theft, unstable policies and inappropriate fiscal regimes.

His words, “Investors in the oil and gas sector continue to lament the challenges posed by insecurity, oil theft, unstable policies and inappropriate fiscal regimes.”

“The downstream sector has continued to be weighed down by the pricing regimes and the regulatory environments which have continued to dim the growth prospects in the sector.”