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Sylva says Nigeria bracing up for lower-for-longer crude oil price

As the impact of the COVID-19 pandemic and progressive decline in Crude oil prices in 2020 continues to bite harder, Minister for States Petroleum Resources, Timipre Sylva has revealed that the country for a possible lower-for-longer crude oil price era.

He stressed this in his keynote address at the 2020 Businessday Energy Series’ Fuel of the Future (Gas) Summit themed “Nigeria at 60: Harnessing Nigeria’s Energy Potential for the Future.”

The Minister while speaking, said it imperative for Nigeria to aggressively pursue the development of non-oil economy and diversification of revenue sources in line with current world reality of low crude oil prices.

“The Government is factoring in these current realities in its reform agenda”, he said.

According to him, government’s efforts will continue to focus on gas to transmute Nigeria from the conventional dependence on white products for prime movers to a cleaner, more available, accessible, acceptable, and affordable energy use in gas.

This, according to him, will not only cushion the effects of current deregulation but also create enormous job opportunities for Nigerians.

“The proposed PIB now before the National Assembly when passed into law will also unlock several midstream gas opportunities to further enhance domestic gas utilization”, he said.