While the Nigerian government continues to delay the passage of the Petroleum Industry Bill (PIB) the nation is fast losing grounds to emerging African crude oil frontiers. Countries like Ghana, Sierra Leon and Kenya are among top contenders eager to dislodge Nigeria and take over its investments.

Analysing the situation, the Executive Director of A-Z petroleum limited, Prof Charles Ofeogbu, explained that those countries have learnt a lot from the mistakes made by Nigeria over the years with regards to its oil and gas industry. The competitors have gone steps ahead to put in place enabling environment to lure existing Nigerian investment as well as attract potential investors.

According to him, while other countries make it easier for investors to acquire the site, make power available, and tax regime very clear, the reverse is the case in Nigeria where investors have to run generators 24 hours for operations, with the roads are in deplorable conditions and tax regime unclear. Read more