Monday, May 17African Business News
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Tag: Energy

‘Global disruptions offer Nigeria leeway for gas-to-power maximisation’

‘Global disruptions offer Nigeria leeway for gas-to-power maximisation’

Business
With the disruptions in the global oil industry, causing energy imbalance and low demand for oil, one of the operators in the power value-chain, has urged the government to implement regulations that would aid gas utilisation for power and home use in order to aid economic growth. In a chat with The Guardian on, “The future of oil and Nigeria’s energy dynamics,” the Chief Executive Officer, Century Power Generation Ltd., Dr. Chukwueloka Umeh, said there is no better time than now for the Federal Government to take definitive and courageous steps towards diversifying the economy. Umeh said: “In the face of the cyclic oil prices, we must now see a Nigeria without oil and immediately start diversifying to agriculture and manufacturing. In order to do this successfully, the gas and power...
Experts moot bankruptcy protection, loan as oil companies struggle against COVID-19 impacts

Experts moot bankruptcy protection, loan as oil companies struggle against COVID-19 impacts

Energy
Apart from the immediate effects of the deadly coronavirus pandemic, COVID-19, on human lives, it has also caused oil demand, the mainstay of Nigeria’s economy, to drop so rapidly that the world has run out of storage for produced crude. Consequently, oil prices have plummeted to an -time low and gradually collapsing to levels that make it impossible for some Nigerian independent oil companies to make money. As stringently faced in other human endeavours across the globe, the coronavirus pandemic is tilting the oil sector towards massive job loss and downsizing of labour, with its attendant social and economic effects. The Guardian gathered from stakeholders in Lekoil, who pleaded anonymity, that at these prices, most of these companies may need to either file for bankruptcy or c...