Oil and Gas Industry Expected to Help Nigeria’s 2017 Economic Growth

Akanimo Udofia pic
Akanimo Udofia
Image: desicongroup.com

With over 25 years in Nigeria’s oil and gas industry, seasoned executive Akanimo Udofia works as the managing director and CEO of Desicon Engineering Ltd. in Lagos. In this capacity, Akanimo Udofia has helped grow the company from 100 employees to over 4,000, serving as a driving factor in the company’s successful operational performance.

In July 2016, Nigeria’s minister of finance announced that the country was in a recession. According to the leading credit rating agency Moody’s, the oil and gas industry will greatly help resolve the country’s financial worries in 2017.

Moody’s said Nigeria’s oil and gas industry will help the country’s economy bounce back from last year’s 1.5 percent contraction in the country’s economy. The firm predicts the country’s economy will bounce back, reaching 2.5 percent growth in 2017.

The financial firm predicts that two-thirds of the country’s real growth in 2017 will come from the oil sector, with the country’s abundant hydrocarbon reserves providing key credit support. Nigeria sits atop roughly 37 billion barrels of oil, more than a quarter of Africa’s reserves. Ninety percent of Nigeria’s goods exports come from oil and gas.