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.
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