Ibe Kachikwu, Minister of Petroleum Resources during the closing ceremony of the sixth African Petroleum Congress and Exhibition in Abuja on Thursday, March 18, 2016 stated that Nigerian firms would survive the global hike in crude oil prices.

The Minister said though business in this time of adversity will not be easy, but companies who embrace new technologies and business strategies are likely to survive.

Read: Nigeria to begin exportation of petroleum, petrochemical products in 4 years

“I think anybody who wants to survive in this climate today will need to put on the hat of thinking. It is not business as usual, but people are going to survive. The nice thing about adversity is that you get to make huge successes also. Companies that are ready to embrace new technologies, strategies and new ways of doing things are going to survive.

Kachikwu further added that oil-producing countries and oil/gas sector are cutting costs and ensuring efficient management of proceeds from crude oil productions and sale.

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Using Nigeria as an example, the Minister said the Federal Government has put strategies in place to get oil companies function full time.

“It is not going to be for too long. Nigeria, for example, has put its strategies around getting the oil companies back to full time work. And we are still looking at alternative funding sources; we are looking at diverging more into our gas products to complement our oil production. New ideas on how to survive and how to multiply the sort of income that is available to you are key to survive. I think Nigerian companies are very resilient, they will survive.”

“There is a sudden realisation that not only do we need to come together to cut our costs to see how to survive in this unhealthy petroleum climate, but also that countries will need to do a whole lot more in terms of how they utilise the proceeds of production going forward.”

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In a related news, Kachikwu recently stated that within the next four years, Nigeria would begin to export refined petrol and petrochemical products.

Also, NNPC has denied the claims made by the Auditor General of the Federation that the corporation owes the federation N3.325 trillion. The corporation confirmed that it owed the government N326.14bn.