Johnson OkaforOil and gas firms listed on the main and premium boards of the nation’s equity market reported a loss of about N56.19bn last month as spending in transportation declined considerably over coronavirus pandemic. The impact of the coronavirus outbreak has threatened the resilient outlook for Nigeria’s economy, mainly supported by the oil and gas sector. A recent survey conducted by REACH Technologies, a Nigeria-based fintech, on behalf of FBNQuest, indicated a substantial decline in household spending on transportation. The downstream oil and gas business is typically a low margin one. Ardova (formerly Forte Oil, not covered) and 11 Plc (formerly Mobil Oil, not covered) are leading the charge.

Source: Punch August 18, 2020 23:26 UTC