By Sebastine Obasi
Nigerian Association of Petroleum Explorationists, NAPE, has identified long contracting cycle as the major factor creating sluggish business climate in Nigeria.
The President of NAPE, Ajibola Oyebamji, who stated this at a media briefing in Lagos, also said that Nigeria is at risk of long-term disruption to oil and gas supplies, power generation, a collapse of industries and significant loss of revenue due to continued reduction in hydrocarbon exploration activities.
He explained that reduction in hydrocarbon exploration and exploitation has dire consequences for a country like Nigeria with a mono-economy hinged on crude oil. Oyebamji said, “Procurement and contracting cycles in the Nigerian oil and gas industry is about 36 months, making it the longest and most inefficient in the world. The long contracting cycle results in high levels of uncertainties in costing and planning thereby creating a sluggish business climate.
“Insecurity, oil theft and…
Source: Vanguard Newspaper
