From The Report: Nigeria 2023
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With Africa’s second-largest proven crude oil reserves – 36.9bn barrels as of 2021 – Nigeria remains a key global energy player. Despite the rise in crude oil prices resulting from Russia’s invasion of Ukraine, structural challenges facing the industry in Nigeria have constrained its ability to maximise export revenue from hydrocarbons. The country has the potential to benefit significantly from its natural resources by implementing reforms and improving infrastructure. Moreover, with many European countries seeking alternative gas supplies, Nigeria can attract investment to upgrade its energy infrastructure. The successful enactment of the Petroleum Industry Act in 2021 and government initiatives to improve security in the energy sector should play a crucial role in reviving interest in Nigeria’s hydrocarbons reserves.
This chapter contains an interview with Olumide Adeosun, CEO, Ardova.