The current impact of global crude oil prices on Nigeria-an overview of the Nigerian petroleum and energy sector

摘要

In the context of the petroleum sector, for the first time in many years, the Nigerian government is now boldly and in an openly sincere manner; confronting challenges, which cut across the Nigerian upstream and downstream oil and gas sectors. These challenges stem from legacy and unresolved systemic problems, which have been addressed at varying levels of success in the past and which have now been exposed and exacerbated by the global downturn of oil prices. This article examines the nature of these challenges, the current efforts to tackle them by the Nigerian government and proffers solutions as to how best to resolve them.