Nigeria accounts for biggest crude capex in SSA

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Nigeria accounts for more than 34 per cent of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in sub-Saharan Africa over the period 2018–2025, according to GlobalData, a data and analytics company.

The company’s report: ‘H2 2018 Production and Capital Expenditure Outlook for Key Planned Upstream Projects in Sub-Saharan Africa–Royal Dutch Shell Dominates Production and Capex Outlook’ reveals that Nigeria leads in sub-Saharan Africa with a capex of US$59bn on 28 planned and announced projects during the 2018–2025 forecast period. Of the total count, eight are planned and 20 are announced projects.

Soorya Tejomoortula, oil and gas analyst at GlobalData, said: “Nigeria is investing heavily in new oil and gas projects to further boost its oil and gas production. Majority of production from these projects is for exports, generating significant revenues for the country.”

In total, 67 crude and natural gas projects are expected to start operations in sub-Saharan Africa during the forecast period.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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