The Financial Times reported Thursday that Nigerian oil output could fall by nearly a third by 2015 if the country does not draw more investment
The Financial Times reported Thursday that Nigerian oil output could fall by nearly a third by 2015 if the country does not draw more investment.
The business daily quoted a progress report by advisers to President Umaru Yar'Adua that it had seen as saying that funding shortfalls "portend a grave danger not just to the reform process (of Nigeria's energy industry), but to the continued well-being of the industry as a whole."
It adds that even if current funding levels are maintained, "total oil and gas production will decline by 30 percent from its current level by 2015".
The report apparently highlights the need for the government to find more ways to finance the oil industry in Nigeria.
Nigeria, with a population of about 140 million, ranks as Africa's largest oil producer but depends on imports for her domestic fuel consumption.
