Nigeria, a previous bright spot on big oil and gas investors’ radar screens, has dimmed substantially as investor attention is increasingly drawn to new and emerging developments in Namibia, Ivory Coast, Angola and the Republic of Congo.
With two-thirds or more of its revenue coming from oil, investor flight is a serious problem for Nigeria.
Big foreign players, including TotalEnergies and Shell, are exiting or shifting their priorities in Nigeria, rattled by a variety of deleterious forces: an uninviting regulatory environment, lack of transparency, safety issues, vandalism and theft, among other factors.
For a country whose economy is dependent on fossil fuels, the divestment by majors, totalling around £17 billion (R400bn) since 2006, is catastrophic. Nigeria’s 37 trillion barrels of reserves can do the country no good underground.
Among those…