In an effort to improve both economies’ oil and gas sectors, the Canadian government has announced measures to strengthen its trading connection with Nigeria.
At a one-day seminar and webinar on the subject of “Scale inhibitor: Application and Monitoring” organized by Pacegate Energy and Resources Limited, Sonia Hukil, the second Secretary Commercial and Trade Commissioner, Deputy Commission of Canada to Nigeria, said that the Canadian government’s priority is to find areas of collaboration to strengthen oil and gas trade between the two countries.
According to her, the enactment of the Petroleum Industry Act (PIA) creates a plethora of investment prospects for various Canadian oil and gas companies.
She noted that the value of trade between Nigeria and Canada has surpassed $1.2 billion, indicating that there is a lot of room for collaboration and prospects between the two countries.
“There is a lot of potential for collaboration between the two countries in the oil and gas sector specifically,” she says. “Natural resources and serving the extractive industry is a key element of our bilateral partnership.” Nigeria is in need of Nigerian oil, while Canada is looking for oil and gas technology as well as equipment.”
She went on to say that Nigeria is an important market, with plenty of economic potential in both the upstream and downstream sectors.
“As Canada’s largest training partner in Africa and the region’s greatest investor in Canada.” Nigeria has already established itself as one of Canada’s most important African trading partners. As many of you know, Canada’s oil and gas industry is a major economic driver. Activities in the upstream and downstream are rapidly expanding. Canada is a global leader in oil and gas production, with the fourth-largest crude oil producer and the fifth-largest natural gas producer,” she said.
Hukil also stated that Canada is a key innovation hub in the oil and gas industry, with Canadian research institutes collaborating closely with foreign investors on a variety of cutting-edge technology.
“By 2020, Nigeria will have the ninth largest global oil and gas reserves, as well as one of Africa’s greatest deposits.” The oil and gas industry is crucial for gauging the economy. Over 90% of exports and 80% of government revenue come from this sector. Despite the difficult environment, options such as the Nigerian government’s PIA present themselves as profitable partners for many Canadian businesses. “We’re aiming to encourage Canadian companies to be more proactive in non-traditional countries like Nigeria, just because there are so many opportunities here,” she said.
CES Energy Solutions’ Supply Chain Director, Mihir Patel, previously stated that collaborations and sustainability are critical to attaining greater results in tough terrain.
Patel emphasized the importance of vendor selection in navigating the supply chain market, stating it is vital to supply security and business continuity, and that clients must cooperate with companies that have excess working capital.
“They need to understand important drivers, as well as supply and demand, which affect product pricing, and develop flexibility in supply contracts to deal with today’s subtleties,” he said.
