Unions Reject Sale of Oil and Gas Assets in Nigeria, Citing Economic Risks

Unions, including PENGASSAN and NUPENG, have rejected the proposed sale of oil and gas assets in Nigeria, warning that it could jeopardize the nation's economic stability and worker welfare. The unions expressed concerns that the alleged plan might lead to the concentration of control over the sector in the hands of powerful individuals, discourage investment, and destabilize the industry.

Experts in petroleum economics cautioned that selling off federation equity resources could undermine the country's economic sovereignty and revenue stability. The unions also highlighted potential changes in the management of joint ventures and production sharing contracts under the amended Petroleum Industry Act.

The move could shift power from the Nigerian National Petroleum Company Limited to the Nigerian Upstream Petroleum Regulatory Commission, raising regulatory concerns.