Nigeria negotiates terms with major oil firms to keep investments

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Sat, 2021-02-06 03:04

LAGOS: Nigeria’s state oil company is renegotiating commercial contract terms with major oil firms, its chief said, in a move that it hopes will keep investment flowing into a sector crucial for its economy at a time when spending is being slashed.

Africa’s largest oil exporter and biggest economy relies on the oil sector for half of its budget and 90 percent of its foreign exchange. It wants to raise revenue but also attract investment.

A view shows the Bonny oil terminal in the Niger delta which is operated by Royal Dutch Shell in Port Harcourt, Nigeria, on August 1, 2018. (REUTERS/File Photo)
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