Hundreds of thousands of contractors face personal bankruptcy; and, their banks also risk being savaged by the consequences of both crude oil calamity and the change of governments nationwide. Abandoned projects will proliferate.
Every economic catastrophe invariably manifests itself in the banking sector – which had actually placed itself in harms way by financing the buy-out of International Oil Companies, IOCs, by local investors. The rush for the gates by the IOCs should have served as a warning to Nigerians who had more money than sense, and their bankers, that something must be wrong, if so many multi-nationals are leaving.
Even IOCs who had taken the position of “wait and see” in the past are no longer waiting – because they have seen enough. And, what they see is a nation whose oil exploration is no longer attractive. Finally, PIB is dead. Twice the Jonathan administration presented the bill to the National Assembly, NASS, and, twice government lacked the WILL to see it through.
The PIB which would have benefited the oil-producing areas immensely will now be buried in the graveyard of procrastination and presidential inertia. Decades from now people from the Niger Delta will continue to shake their heads that one of their sons allowed this opportunity to pass. For the folly of leaders; people perish.
http://www.vanguardngr.com/2015/04/nigeria-without-oil-is-now-a-reality/