30 June 2016, Lagos – The fortunes of what still remains the mainstay of the Nigerian economy – oil and gas – are plummeting, indicating there is no silver lining in the clouds for now.
This has manifested in the dwindling number of producing wells which has dropped from 2,010 in 2014 to 1,947 by December 2015.
Also, according to Statistical Bulletin of Organisation of Petroleum Exporting Countries (OPEC), the number of active rigs in the Niger Delta has dropped from 59, which it recorded in 2013, to 29.
The numbers of completed wells in Nigeria’s oil sector has also dropped from 141 to 116.
However, Brent crude futures rose by 2.1 per cent to $48.16 per barrel while West Texas Intermediate (WTI) rose by 2.3 per cent to $47.43 a barrel yesterday, as investors took advantage of a two-day slide in crude triggered by Britain’s vote to leave the European Union.
Meanwhile, the Lagos Chamber of Commerce and Industry (LCCI) has spoken on the likely impact of Britain’s exit (Brexit) from the European Union (EU) on the Nigerian economy.
- The Guardian