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Since the beginning of 2016, when crude oil prices dropped to below $30/barrel, there has been a significant deal of uncertainty in the oil and gas industry, especially whether crude oil prices may ever return to pre-2014 levels of >$100. Although the prices currently average $70/barrel, the apprehension about its continued sustainability is still palpable
As uncertainty in the industry persists, the various tiers of government in Nigeria continue to explore alternatives for diversifying the economy especially in light of the recent economic recession largely caused by the decline in crude oil revenue.
In response to the foregoing trend, many oil and gas companies are equally considering investment in the non-oil sectors. After all, with estimated population of 200 million, abundance of other natural resources including arable land and a dynamic workforce, Nigeria presents a huge potential of untapped or under-tapped market. Recently the CEO of a local oil company emphasized the need to diversify into agriculture and other non-oil sectors. His guidance is further strengthened as agriculture sector experienced a 48.74% growth in the last 12 months to March 2018 compared to 21.13% for Oil and Gas within the same period.