FX receipts at risk as PSC, JV production drops 35%

.PIA unfinished business lingers The Nigerian oil and gas sector, once reputed for Joint Ventures (JVs) and Production Sharing Contracts (PSCs), has seen a notable decline in output and investment in recent years, raising the alarm bells for a nation heavily reliant on crude oil exports for its foreign exchange (FX) inflows. Latest data from the Nigeria Extractive Industries Transparency Initiative (NEITI), a transparency watchdog, showed that there was about a 30 to 35 percent drop in Nigeria's JV and PSC operations from 2013 to 2023.