Hazard Categories Nigeria Scenario

Risks Associated with Starting an Oil Company Business in NigeriaStudent’s NameInstructor’s NameCourse Name & NumberInstructor’s NameAssignment Due DateAbstractOil and gas production is one of the fascinating business opportunities globally, with the most extensive customer base. The progressing science and technology continue to express more demand for energy sources needed in urban and rural areas to run day-to-day activities. Being one of the capital-intensive opportunities, companies worldwide have continued to research the assessment of the risks associated with the oil and gas industry. For the new company intending to begin operations in Nigeria, various risks are originating from the seven significant hazards must be thoroughly analyzed before the process commences. These risks include price volatility, tariffs, cyber security issues, insecurity, Boko Haram insurgencies, corruption, education, and technological compatibility. Other problems result from terrorism, currency fluctuations, counterfeit goods, resistance from the local community, and government involvement in the production activities. To counter these challenges, new companies are recommended to adopt modern technology, maintain customer base in countries experiencing minor insecurity cases, participate in joint counterterrorism, and implement training and support programs to help