- Dangote’s refinery may send NNPC’s refineries packing
Chineme Okafor in Abuja
A report by the Financial Times Thursday stated that most of Nigeria’s commercial banks have their fortunes tied to fluctuations in global oil prices considering that about a third of all credits they extend to the economy are directed to operations in the country’s oil and gas industry.
The report, titled ‘Investing in Nigeria,’ chronicled developments in Nigeria’s economy and politics ahead of the 2019 general elections.
It explained, among other observations, that analysts estimate that about half of the loans of commercial banks in Nigeria were given for upstream, midstream, and downstream oil and gas operations and the supply chain, adding that rising levels of Non-Performing Loans (NPLs) of the banks were traced to the oil sector.
The report…
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