Regulatory authorities in the Nigerian oil and gas sector have up their games in scouting for new investors in the country’s oil-rich economy but the Central Bank of Nigeria’s cash pool policies for International Oil Companies may be counterproductive for the country, according to the Partner and Senior Economist at SPM Professional.
The CBN obstructed the oil and gas industry in a circular dated February 14, 2024, when it directed banks to pool cash on behalf of IOC subject to a maximum of 50 per cent of export proceeds while the balance may be repatriated after 90 days from the date of inflow.
