Middle East & Africa: Macroeconomic overview
The weakening economies of countries in sub-Saharan Africa will remain a cause for concern for investment and LNG exports.
Nigeria’s oil, gas and LNG exports are under pressure, mainly as a result of maintenance but also because of sabotage on infrastructure by militant groups such as the Niger Delta Avengers (NDA). This has deterred IOCs from investing in the country’s upstream oil and gas sector. Unrest in the Niger Delta region is also further delaying the passing of the Petroleum Industry Bill by the country’s parliament. The bill will introduce structural changes to Nigeria’s oil and gas sector, but it has been bogged down in the legislature for more than a decade.