FG Says Companies Will Scale through Oil Price Slump

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FG Says Companies Will Scale through Oil Price Slump

By Correspondent

The Federal Government has said Nigerian companies in the oil and gas as well as financial sectors will survive the plunge in the global prices of crude oil. The government is positive that the fall in oil prices will not result in indigenous firms going bankrupt; it urged the concerned companies to embrace new technologies and innovation in order to overcome the hard times. Dr Ibe Kachikwu, the Minister of Petroleum Resources and Group Managing Director, Nigerian National Petroleum Corporation disclosed this in Abuja at the closing ceremony of the Sixth African Petroleum Congress and Exhibition. Kachickwu stated; “I think anybody who wants to survive in this climate today will need to put on their thinking cap. It is not business as usual, but people are going to survive. The nice thing about adversity is that you get to make huge successes also. Companies that are ready to embrace new technologies, strategies and new ways of doing things are going to survive. “It is not going to be for too long. Nigeria, for example, has put its strategies around getting the oil companies back to full-time work. And we are still looking at alternative funding sources; we are looking at diverging more into our gas products to complement our oil production. New ideas on how to survive and how to multiply the sort of income that is available to you are key to surviving. I think Nigerian companies are very resilient, they will survive.” “There is a sudden realisation that not only do we need to come together to cut our costs to see how to survive in this unhealthy petroleum climate, but also that countries will need to do a whole lot more in terms of how they utilise the proceeds of production going forward,” he added.

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