A Reuters report:
Nigeria will earn less for its oil and struggle to replace reserves unless it can end years of industry stagnation, at a time its biggest customer is becoming self-sufficient and African rivals are boosting supplies.
Reuters/Akintunde Akinleye
A domestic energy boom in the United States has already sharply cut demand for Nigerian oil, while legal uncertainty, political wrangling, corruption and insecurity plague an oil industry which is still Africa's biggest.
In addition, rivals on the continent - both East and West - are fast catching up, and hungry for returns to boost their smaller economies they are tempting foreign oil and gas companies with better terms and fewer bottlenecks than Nigeria...[continue reading]
