Nigeria launches a fresh bid to overhaul oil industry


It was the year the world became acquainted with Barack Obama, when “tweet” was labelled a buzzword by Time magazine — and when legislation was introduced to overhaul Africa’s biggest oil industry.
That was way back in 2008, and many deadlines set by Nigeria’s government to carry out the oil reforms have passed without action, creating uncertainty that has limited new investment, threatening future output.
The country has now launched a renewed reform bid, and there is reason to believe that this time it may be successful — though various obstacles could again derail the plans.

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