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Nigeria Attracts $393 Million Investment in Oil Sector

Nigeria Attracts $393 Million Investment in Oil Sector

By Michael Eboh

The petroleum industry in Nigeria is the largest on the African continent. Nigeria attracts $393 million foreign investment in its Oil Sector in 9 month.

Efforts of the Federal Government at sanitizing the petroleum industry and attracting the much-needed investment into the industry appears to have started yielding positive results, as the foreign investment inflow into the oil and gas industry rose sharply to $392.85 million in the first nine months of 2016.

National Bureau of Statistics, NBS, in its Nigerian Capital Importation Report for third quarter of 2016, Q3'16, stated that compared to $16.54 million recorded in the first nine months of 2015, the figure for the first nine months of 2016 appreciated by $375.31 million or 2,275.15 per cent.

Giving a breakdown of total inflow in 2016, the NBS report disclosed that in the first, second and third quarters of 2016, foreign capital inflow into the oil and gas industry stood at $20.83 million, $200.39 million and $171.63 million respectively.

This was in comparison to foreign capital inflow of $9.47 million, $4.86 million and $2.21 million recorded in the first, second and third quarter of 2015 respectively.

In addition to the fourth quarter 2015 foreign capital inflow, which the NBS put at $13.22 million, total inflow into the oil and gas industry in 2015 stood at $29.76 million.

Commenting on the Q3'16 performance, NBS said, "The oil and gas sector maintained a high level of capital importation; although it decreased by 14.4 per cent relative to the previous quarter, it is still elevated relative to previous periods.

"This sector is characterised by isolated periods of high capital importation, and it is therefore unusual that the level has remained high for two consecutive quarters. This sector accounted for the third highest amount in the third quarter of 2016."

However, the significant improvement in foreign capital inflows into the oil and gas industry was not enough to buoy total inflow, as the value of foreign capital imported into the country in the nine-month period depreciated by 55.79 per cent.
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