Lagos- After holding the top spot for several years, Nigeria may lose its crown as Africa’s biggest crude oil producer.
The loss would be as a result of the delay in the passage of the Petroleum Industry Bill (PIB) and inability of the Federal Government to agree on a favourable fiscal terms with the international oil companies, reports Guardian.
Crude oil theft and pipeline vandalism have also contributed to Nigeria losing the number one spot as major oil exploration companies have either stopped exploration activities or sold their oil blocks to local companies.
In contrast, countries like Magadascar, Mozambique Ghana, Gabon South Africa and Angola have developed new initiatives to increase production.
Read more at Guardian