Developing parts of the Nigerian economy outside the oil sector could help make the country more competitive and attract investments, a U.N. agency said.

The U.N. Industrial Development Organization started a program to help Nigeria steer its economy away from oil. The Nigerian economy slipped into recession last year under the strains of lower oil prices and a decline in oil production. In April, the International Monetary Fund said only minor growth was expected this year, with most of that coming from recovery in the energy market.

Crude oil prices remain subdued, however. The price for Brent crude oil, the global benchmark, is 10 percent lower than it was at the start of the year. UNIDO said that Nigeria was once one of Africa's bright spots, but its economy has been hit "badly" by crude oil prices and it was now working with the government to promote non-oil sectors.

"With the proper regulatory incentive framework and the right training tools for entrepreneurs in the non-oil sector, the Nigerian economy could take a step forward in industrial upgrading and technological innovation to make the nation a more competitive brand on the continent and the world at large," Adebisi Olumodimu, a Nigerian director for UNIDO, said in a statement.

UNIDO said it would work to develop small- and medium-sized enterprises tied to the agricultural and automotive sectors.

Nigeria is a member of the Organization of Petroleum Exporting Countries and is exempt from a multilateral agreement to curb crude oil production. The OPEC-led effort was designed to ease some of the supply-side strains that put negative pressure on crude oil prices last year. The effort, however, is offset by production gains from Nigeria, OPEC-member Libya, which is also exempt, and the United States.

A Shell subsidiary in Nigeria, however, declared force majeure, a contractual condition related to circumstances beyond the control of the parties involved, over exports. That signals a disruption in the output from Nigeria.

OPEC Secretary General Mohammad Barkindo met last week with Nigerian Finance Minister Kemi Adeosun. A committee monitoring the production agreement meets next week in Russia to review its impact.

Tweet

Sucking up spilt oil
Washington DC (SPX) Jul 18, 2017
Spilt crude oil has repeatedly polluted and even destroyed marine ecosystems. An effective measure would be to remove spilt oil slicks by absorption into a separable solid phase. As Indian scientists now report in the journal Angewandte Chemie, congelation of the oil to a rigid gel within impregnated cellulose and scooping the particles out is possible. Marine oil spills are disasters that ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only