The BMI however noted that “It is unlikely that Nigerian production will fall further than it currently has, given the interest by companies for divested assets, the moderate role played by onshore production, the increasing importance of offshore production and the continued presence of large international oil companies, IOCs…”

Economic Commission for Africa’s (ECA) annual report has advocated the use of industrialization through trade to develop resources in the continent. The report which was released in Addis Ababa said that “innovative strategies to mobilise domestic and external resources are needed for Africa to bridge the domestic resource gap.”

The Nigeria LNG Limited, NLNG, said it has spent over $9.3 billion to develop its six trains, which put it in good stead to deliver about seven percent of the global LNG supply.

FOLLOWING the perennial scarcity in Abuja, the Nigerian National Petroleum Corporation, NNPC, and petroleum marketers have called on motorists to avoid panic buying of the commodity. Speaking in an interview with Vanguard in Abuja, the Group General Manager, Group Public Affairs Division, NNPC, Mr. Ohi Alegbe, attributed the persistent fuel scarcity in Abuja to panic buying due to the elections.

Specifically, the oil and gas companies produced 221.634 billion SCF of gas, utilised 183.78 billion SCF and flared 44.573 billion SCF. The Nigerian Gas Company, NGC, put the average price of gas at $3 per unit of 1,000 SCF, translating, therefore, to $133.716 million (N26.743 billion) for 44.573 billion SCF, and $551.346 million (N110.27 billion) for 183.783 billion SCF.