Oil construction booming in Nigeria despite the industry’s 2020 struggles.

THE global Covid-19 pandemic may have dented oil and petroleum production and consumption in 2020, but Nigeria is surging ahead with more than $30 billion of new investments into the field. 

THE global Covid-19 pandemic may have dented oil and petroleum production and consumption in 2020, but Nigeria is surging ahead with new investments into the field.

Currently, four new bids worth more than $30 billion are on the table – one each from the Shell Petroleum Development Company of Nigeria (SPDC), Nigerian National Petroleum Corporation and Chevron Nigeria worth $10 billion apiece and a $200 million project for Eko Petroleum and Refining Company.

Upcoming are 15 projects in the sector totalling $72.6 billion, of which a Nigerian National Petroleum Corporation venture accounts for half of that value. Another 21 companies have $52.6 billion worth of projects under construction, with Dangote Refining and Midis Energy Services ($12 billion each) and SPDC and Nigeria National Petroleum Corporation ($4.3 billion) lead the list of significant oil and gas projects.

The developments come as a World Bank report released in July 2021 announced Nigeria was experiencing its worst unemployment crisis in recent times. The multilateral institution also noted that Nigerians’ socio-economic challenges in the past decade have led to a significant increase in the number of citizens seeking asylum and refugee status elsewhere.

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