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Nigerian Oil & Gas: Thriving beyond COVID-19


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Digital Roundtable

COVID-19 has caused a shutdown of markets worldwide, with an impact on all key sectors of the global economy, including energy. On April 20, 2020, WTI crude oil even briefly fell into negative pricing.

Oil and gas constitute the wheels of the Nigerian economy, contributing approximately 10% to GDP. The sector is also responsible for about 80% of government revenues as it is also the principal source of foreign exchange earnings and FDI. As a consequence, we're likely to see a revised 2020 budget and other efforts to combat the added risk, including efforts by the DPR to draft a roadmap beyond COVID-19.

Director & CEO of the DPR, Sarki Auwalu, recently commented that, “There is no better time for strategic repositioning and business optimization. There are four ways this can be achieved," going on to outline these as: cost control and management; portfolio rationalization and asset optimization; strategic repositioning and business optimization; and strategic partnership.

The agency has lined up the above model for surviving and thriving post-COVID-19 in hopes to continue making 2020 year the Year of Gas.


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The Business Year

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