By Udeme Akpan

The Society of Energy Editors, SEE, has predicted growth in the oil, gas, power and other sectors of Nigeria’s economy in the third quarter (July – September) of 2024, due mainly because of ongoing reforms.

The organization also predicted many problems to hold sway because of issues currently affecting the domestic and global economy.

In its report – Third Quarter Outlook for Nigeria Energy Sector – obtained by Vanguard, weekend, Executive Secretary, Chucks Isiwu, stated: “This outlook highlights the key trends and challenges expected in Nigeria’s energy sector during the third quarter of 2024.

“The sector is expected to experience growth and development, but also faces significant challenges that need to be addressed to ensure sustainable progress.”

In the oil sector, the organization, stated: “Ongoing efforts to revamp existing fields to boost output. Management of the 2024 marginal fields bid round by the Nigeria Upstream Petroleum Regulatory Commission, NUPRC, to impact investor confidence.

“Security issues in the Niger Delta, ongoing divestments by oil majors, lack of investments and decaying infrastructure remain major concerns.”

According to the organization, “Fuel imports will remain high, putting pressure on foreign exchange reserves. Petroleum subsidy to remain a significant burden on government finances.

“With fuel sold at different prices across the country in line with subsidy removal, price hike could hit 300 percent in some states compared to the same time in 2023.”

In the gas sector, SEE, maintained that the nation should expect an increase in output as new projects come on stream.

“LNG exports to remain strong, with Nigeria maintaining its position as a key global supplier. However, gas infrastructure constraints, lack of investments and domestic supply shortfalls to persist.”

Also, SEE maintained that power generation will likely increase as new plants come on stream, adding that “Transmission and distribution infrastructure upgrades to continue.

“Funding shortfalls due to lack of investment coupled with grid instability issues.