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ABUJA, Nigeria, March 9 (UPI) -- The Nigerian energy sector needs drastic reforms as the Nigeria National Petroleum Corp. sinks under massive debt, the Nigerian petroleum minister said.
Rilwanu Lukman, the Nigerian minister of petroleum resources, said the NNPC was operating under a loss of more than $1.3 billion, Nigerian newspaper Vanguard reports.
The minister, who served as the secretary-general for the Organization of the Petroleum Exporting Countries from 1995-2000, said comprehensive reforms were needed to overhaul the energy giant.
"If this trend is not reversed, the corporation as we know it today will cease to exist," he said, adding the energy sector was on the decline in the oil-rich nation.
Political instability and a lack of funding for infrastructure are crippling the Nigerian energy sector. The massacre of more than 350 villagers in central Nigeria during the weekend adds to the complications for the troubled country.
Lukman said the fate of the NNPC and entire energy sector was at a critical stage.
"These challenges are harsh reminders that the oil and gas sector in Nigeria is not working well," he said.
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