Nigeria’s oil sector contributed 5.66% to the country’s total real gross domestic product (GDP) in Q3 2022.
Yet, the contemporary issues and constraints in managing optimally, the future of Nigeria’s oil and gas are complicated and dynamic with domestic and international dimensions.
There are challenges of concern under the emerging circumstances that hinge on governance, PIA implementation, and macroeconomic instability from oil and gas market shocks.
Others include crude oil theft, insecurity of assets, increasing cost of petroleum production, declining production capacity, and petroleum subsidy.
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