Until the Federal Government passes the Petroleum Industry Bill (PIB), regulatory uncertainty will continue to hinder the development of the Nigeria's oil and gas sector, according to a Price Waterhouse and Coopers (PwC) report on current developments in the oil and gas industry in Africa.
Dwelling on the impact of low crude oil prices on the economy, PwC said a number of Africa's top oil producers, including Nigeria and Angola, were being significantly impacted since the majority of their fiscal revenues originate from crude sales, and they are struggling to cope with the low oil prices.
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