How Nigeria Attracted 4% Of $75b Of Africa’s Oil, Gas Investment In Four Years – LCCI
The non-passage of the Petroleum Industry Bill (PIB) by the Nigerian government has continued to impact the country negatively, especially as it makes the country’s oil and gas space less attractive to the investors.
This is despite its huge oil reserves, Nigeria attracted only four percent of Africa’s $75 billion oil and gas investment in four years (2015-2019) because of the delay in the passage of the nation’s Petroleum Industry Bill, PIB into law.
In a document, the Director General, Lagos Chamber of Commerce and Industry, LCCI, Dr Muda Yusuf, stated: “The oil and gas industry is a major contributor to the Nigerian economy and government revenue. “Nigeria, with the largest oil and gas reserves in Africa, has huge untapped potential to achieve its economic development goals including gas-to-power ambitions.
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