Babajide Agunbiade

"An assessment of the Nigerian petroleum industry reveals that the NNPC is one of the inefficient government institutions in Nigeria, with heavy political interference, ambiguities, corruption and nepotism."

"Recent investigations and probes into government corruption in Nigeria reveals that a substantial part of government corruption, originates from the activities that relate to the management of the oil and gas proceeds, supposed to be channeled towards the growth and development of the nation."

"A major gap in the PIB 2020 is that the government’s continued control of the new NNPC raises concerns of a likely continuation of old practices such as corruption and weak accountability."

"The PIB 2020 does not specifically require the government to sell shares in NNPC Limited and this may stifle the much-needed fundraising required for the growth of the sector. Furthermore, unlike previous reform proposals, the PIB 2020 does not set a specific deadline for when the privatization/commercialization will be completed."

"The restriction that has been placed by OPEC and all the other issues Nigeria is facing with production, even though the way you put it, Nigeria has the potential to produce 2.1 to 2.2 million barrels of Oil."

"With the production cut put in place by OPEC just to shore up oil prices shows that we now produce between 1.5 to 1.4 million barrels per day, so we have excess capacity. However, this historic cut is expected to see crude oil prices rebound by at least $15 per barrel in the short term."