Nigeria Needs $14 Bn in New Investment to Raise Oil Output - Shoreline MD

29 November 2016

Nigeria needs at least $14 billion a year in new investments over the next five years to raise oil output to 2.2 million barrels a day (bpd) which is the national budget output benchmark, the Managing Director of Shoreline Natural Resources, an independent oil producing company, Ladi Bada, has said.

Ladi Bada, who estimated that about $9.0 billion a year is currently being invested in the oil industry from public and private sources, said that Nigeria's oil industry has long suffered from under-investment. "If we continue to invest $9 billion, we won't grow volumes," he said.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.