Nigeria planning huge overhaul of oil and gas industry

Firms are also to pay 10 percent of net profit into a fund intended to benefit communities where production occurs.

Oil companies say the fiscal burden would be too onerous for them.

Few people in Nigeria will shed tears for petroleum firms. Still, the government faces the balancing act of ensuring investment will flow while collecting its share.

Akindele, the 46 Parallels analyst, said time was running out.

“Ten, 15 years ago, Nigeria could afford a delay because it was the only game in town,” he said, mentioning new production in a number of African nations. “Something needs to be passed because people need certainty of investment.” – (AFP)

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