BULLS: Niger-Delta Oil Boom

The Nigerian government has taken a giant step to stabilize the production of crude by legalizing illicit oil refineries in the turbulent Niger Delta region.

Talks have begun between the government and local communities, including militants whose attacks cut oil production drastically last year. When concluded, this development could help soothe tensions in the restive region.

Under the plan that is being developed, communities would come together working with their respective state governments, the federal government and private sector operators to work out a template for the establishment of modular refineries in the communities and the nation’s revenue is set to increase as oil sales for around two-thirds of its revenue.