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Business & Finance

Kachikwu: ‘Nigerian Companies Will Survive Oil Price Crash,’

Emmanuel-Ibe-Kachikwu
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Kachikwu made the remark on Thursday, March 17, 2016, while speaking at the closing ceremony of the sixth African Petroleum Congress and Exhibition in Abuja.

Minister of State for Petroleum Resources, Dr Ibe Kachikwu has expressed optimism in the ability of Nigerian companies to cope with the global crash in oil prices.

Kachikwu made the remark on Thursday, March 17, 2016, while speaking at the closing ceremony of the sixth African Petroleum Congress and Exhibition in Abuja, Vanguard reports.

“I think anybody who wants to survive in this climate today would need to put on the hat of thinking. It is not business as usual, but people are going to survive,” the minister said.

“The nice thing about adversity is that you get to make huge successes also. Companies that are ready to embrace new technologies and strategies and new ways of doing things are going to survive.

“It is not going to be for too long. Nigeria, for example, has put its strategies around getting the oil companies back to full time work, and we are still looking at alternative funding sources, we are still looking at diverging more into our gas products to complement our oil production.

“New ideas of how to survive and how to multiply the sort of income that is available to you is key to survive. I think Nigerian companies are very resilient, they will survive,” he added.

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Kachikwu also said that the Federal Government was planning to computerize the supply process of petroleum products in the country in a bid to bring an end to the frequent fuel crises.

source: pulse.ng


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