NaijaTalkTalk- Kachikwu says oil, financial sectors will not go bankrupt 0

Dr. Emmanuel Ibe Kachikwu

The minister of state for petroleum resources, Dr. Emmanuel Ibe Kachikwu, has allayed fears that the current development in the global oil market would plunge oil and gas companies and financial institutions in the country into bankruptcy, Leadership reports.


Kachikwu indicated that Nigerian companies are resilient and would survive the plunge and volatility in the crude oil market. The minister, who was speaking at the closing ceremony of the 6th African Petroleum Congress and Exhibition (CAPE VI), in Abuja, however, added that only companies that are willing to embrace new technologies and adopt innovation would survive the difficult operating times.

According to him, as parts of strategies to survive, the federal government is driving oil companies operating in the country back to full time work while also looking at alternative funding sources for some of its oil projects and partnerships. The minister further stated that it was a good thing that oil-producing countries as well as oil and gas companies have come to the sudden realisation that they not only need to cut cost, but also ensure the efficient management of proceeds from crude oil production and sale.