Indigenous oil and gas producers in the country as well as several Deposit Money Bank operations may be heading towards a near collapse.
The failure of the oil and gas companies to service their debt may not be far-fetched as prices there is a prevailing regime of low oil prices occasioned by the global pandemic. Former President of the Nigerian Association of Petroleum Explorationists , Abiodun Adesanya, while speaking in Lagos on Thursday, said the collapse of global oil prices was triggered by the Coronavirus pandemic which also accounts for the current problem faced by the indigenous players.
Adesanya,an expert in the oil industry stressed that oil and gas companies will need to be rescued from the current situation by the direct intervention of the Federal Government through the Central Bank of Nigeria.