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Oil Investment in Nigeria
Nigeria, said to be the giant of Africa, is a country rich in natural and human resources with an economy heavily dependent on oil. In 2000 98% of export earnings were due to oil and gas exports which also accounted for 83% of federal government revenue. The government-owned Nigerian National Petroleum Corporation is a major participant of oil in the country. It operates in cooperation with international oil companies such as Shell, Chevron, and Mobil. There is much economic potential in Nigeria, not only in oil, but also in nearly all known mineral resources.
Investment Climate
Nigeria is rich in natural resources with oil remaining the most important, which generates up to 95% of revenues. The country・s oil reserves estimates to 25 billion barrels, and natural gas reserves accounts for over 100 trillion cubic feet. In 2001, its crude oil production was averaging around 2. ... The countries・ oil and gas reserves are abundant with a large consumer market. In Nigeria, Foreign companies can source foreign exchange at the market rate, and are allowed to bring capital into the country without requiring prior government approval.
Nature of Investment
Nigeria・s Investment requirements demand Industries to be environmentally friendly and at least 75% of products must be exported. A maximum of 25% of products can be exported to the customs territory on payment of appropriate levies and duties, and a minimum investment capital outlay is 500,000 US Dollars.
Approximate Word count = 1163
Approximate Pages = 4.7
(250 words per page double spaced)
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