• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

More pain for Nigeria’s economy it losses its biggest crude buyers

3 years ago
in Economy, Features, highlights, Home, home-news
1 min read
0 0
0
89
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

More pain for Nigeria’s economy it losses its biggest crude buyers

The accelerating pace of the global energy transition and the impact of Russia/Ukraine is biting harder, posing a further threat to Nigeria’s oil revenue as the federal government has cried out over losing its biggest crude oil clients.

According to Farouk Ahmed, the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the number of crude oil buyers from Nigeria had been declining, saying that Nigeria must build its oil and gas sector together to survive the changing landscape.

“As we speak, some big IOCs fund gigantic research in alternative fuels; As sweet as Nigeria’s crude is renowned for being global, we have recently lost our most valued customers, and our gas buyers are competing with us in the same marketplace as suppliers,” Ahmed said in a statement seen BusinessDay.

This development is significant for Africa’s biggest economy because India represents the largest importer of Nigeria’s crude oil, earning the sub-Saharan country about N13.9 trillion since 2015, according to data gathered by BusinessDay.

Apart from India, other biggest consumers of Nigeria’s crude oil such as Spain, Netherlands, and France are no longer considering petrol as a priority, thanks to an ambitious European Union plan to speed up the switch to zero-emission electric vehicles (EVs) as part of a broad package of measures to combat global warming.

“All of these point to one fact; if Nigeria is to continue to benefit from its vast petroleum resources, now more than ever is the time to build sustainably into our oil and gas value chain, as well as management of its waste. And this rests on the shoulders of not only the regulators, but on all stakeholders,” Ahmed said.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

While other countries are investing in life after crude oil, Africa’s largest economy is tottering on the brinks, and the situation appears not to be getting any better as lack of jobs, failing healthcare, bad roads, insecurity in various parts of the country and an epileptic power supply continues to worsen.

Last week, BusinessDay reported Angola, Libya and Algeria produced more crude oil than Nigeria in September as Africa’s largest economy saw its output dip below 1 million barrels for two months straight.

An unprepared life beyond crude oil could be catastrophic for Nigeria where more than 80 million people already live on less than $1 a day.

“Nigeria is so calm and confident when its oil wealth is facing an existential risk,” Wummi Iledare, Ghana National Petroleum Corporation’s chair of Petroleum Economics at Institute of Oil and Gas Studies, IOGS, in the University of Cape Coast, said in a phone interview.

Tags: More pain for Nigeria’s economy it losses its biggest crude buyersNigeria
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.