According to data from the National Bureau of Statistics’ (NBS) October 2022 report, the oil and gas industry was one of the top credit allocations for private sector businesses in 2021.
Total credit allocated to the private sector stood at N62. 28 trillion in Q1 2021, increasing by 5. 64% to N65.79 trillion in Q2 2021.
The oil and gas industry received the most bank credit across all quarters; outpacing the manufacturing and general services sectors.
The International Energy Agency (IEA) notes in its 2020 fuel report that the oil and gas industry is a necessary part of the future due to rising energy demand.
Nigeria’s leading oil and gas companies earned a whopping N625. 075 billion in revenue in the first half of 2022, outpacing their earnings of N444.254 billion in the same period in 2021.