Nigeria Needs Big Bucks to Boost Production

Thursday, February 23, 2017

Nigeria needs an estimated $28 billion to boost its oil production to 4 million bpd and its gas production to 10 Bcf/d, according to Saka Maremilola, president of the Nigerian chapter of the Society of Petroleum Engineers.

Matemilola, speaking at a press conference, said the sum would be mobilized only by the private sector. However, to achieve this, the government must put tax incentives into place to promote investment in the sector.

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