February 16, 2023

Oil expert lists constraints to economic development

Nigeria remains Africa’s biggest economy, top investment destination – APC

By Peter Egwuatu

The Managing Director/CEO Jacycal Ventures Ltd and former Independent Petroleum Marketing Association of Nigeria (IPMAN) Secretary General,   Barrister Chinedu Onwuatuegwu, has said that the Nigeria business environment is bedevilled by multi-taxation, power infrastructure deficiency and lack of political will to execute our extant laws, stressing that unless efforts are made to remedy the situation the economy will continue to wobble.  

Speaking on his 28 years in the nation’s oil and gas sector and 50th birthday celebrations, he stated: “We need to eradicate the errors before we can make a head-way.”  

He also challenged the oil &gas sector to brace for the fast advancing electric car era, adding that this will moderate activity in the fuel and diesel segment of the business.

He noted that Joe King Petrol Ltd will, by the next five years, move into the gas and renewable energy services segment in the energy industry in order to survive the changing technology development in the sector, stating, “You have to think ahead and execute efficiently to be on top of the business game in this 21 century.”