Projectors Stands in Nigeria
Projectors Stands in NigeriaProjectors Stands in Nigeria’s Oil Sector. Nigeria’s oil-price collapse has also sparked fears that a market meltdown is imminent. (AP Photo/Benin Bekah)

One of Nigeria’s more than 1,500 companies — the Ministry of Petroleum — is one of five oil companies, in total, that are under threat from a possible collapse.

The ministry issued a statement Wednesday that said the entire group is under threat from natural gas and oil, as well as from the threat of a possible gas-related power outage.

“Any collapse is a great catastrophe for all those involved. If this does not stop then our company will become under threat for the foreseeable future,” it said.

“If this continues, we will be under financial pressure and it would be extremely difficult for shareholders and customers to move ahead with a decision about our future, including the prices we will sell,” the statement added.

President Goodluck Jonathan said in a televised speech issued Tuesday that if there was a “failure,” it was the people who “had to endure” because their government will not hold its ground.
The government has not said what led to the oil collapse and the state said that it will try to stop any attempts to break up the group.

U.S. President Barack Obama is set to meet with the oil ministers in the nation late Wednesday, he said.

State Oil Minister Yuto Hiroki issued an official statement