NIGERIA Invest in 2012-13 - Newsdesk Media

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110 OIL, GAS AND MINERALS Non-oil and solid minerals Nigeria’s government aims to boost mining from one per cent of GDP to 20 per cent INvESt IN NIGERIA 2012-13
Despite being rich in natural resources, Nigeria has been slow to recognise the full value of these assets. Michael Dynes assesses the efforts that are now being made to exploit the country’s mining and mineral industry, alongside other non-oil sectors Nigeria stands on the cusp of attracting a wave of foreign investment in its long-neglected non-oil sector as President Goodluck Jonathan focuses attention on turning the page on decades of lost opportunities in the mining, agriculture and manufacturing sectors, unlocking the West African giant’s real hidden wealth. Decades of over-reliance on oil exports have gone hand in hand with the relentless decline of more traditional sources of economic activity, leading to the creation of a mono-economy that has not served Nigerians well. Few remember it now, but prior to the onset of the 1970s oil boom, Nigeria was the world’s sixth largest tin exporter, it accounted for 60 per cent of the global supply of palm oil, and was host to a vibrant and expanding manufacturing sector. Growth in the non-oil sector Yet despite decades of official neglect, the non-oil economy has stubbornly refused to die. For much of the past 10 years, the non-oil sector – driven largely by agriculture – has been growing at a steady seven per cent a year. That phenomenon has forced government ministers and private-sector investors to look again at the underlying motors of Nigeria’s economic development, and redraft their economic policies and investment strategies accordingly. Goodluck Jonathan’s ‘Transformation Agenda’ encapsulates that new strategy. The president’s plan sets itself the ambitious target of turning Nigeria’s economic decline around. At its heart lies the attempt to reboot the mining or solid minerals sector, attain food self-sufficiency by reviving agriculture, and harness the country’s immense natural gas reserves to kick-start the birth of a new petrochemical and fertiliser industry. According to Roberts Orya, chief executive of the Nigerian Export-Import Bank, foreign investor interest in the country as a ‘next frontier market’ has been greatly boosted by the success of the 2011 presidential and legislative elections, together with the Jonathan administration’s single-minded determination to tackle OIL, GAS AND MINERALS 111 Nigeria’s accumulated infrastructure deficit – especially electricity generation. Mining, agriculture and manufacturing “are all areas that excite potential investors,” Orya says, “and a lot of people are now interested in coming in.” Nigeria’s mineral endowment remains vast and largely untapped. The country has more than 30 categories of solid minerals of high value and available in commercial quantities, including estimated reserves of 2.7 billion tonnes of coal, three billion tonnes of iron ore, and some 27 billion barrels of bitumen deposits. Ironically, mining currently accounts for less than one per cent of gross domestic product – but ministers believe that it has the potential to contribute up to 20 per cent. Since the return to civilian rule in 1999, a series of reforms has seen the federal government of Nigeria retreat from its former status as mining sector owner-operator to that of administrator-regulator, in an effort to attract a new wave of private-sector investment. It is still early days, but the new policy is already beginning to show results. Investments are now beginning to flow into the gold, coal and iron ore sub-sectors. Britain’s Savannah Gold is one of the new miners seeking to tap the potential for the precious metal in Nigeria – a country bordering on several West African neighbours with well-established gold sectors. Savannah passed up the opportunity to mine for gold in Ghana, Mali and Burkina Faso, in favour of new exploration opportunities in Nigeria. “Finding first-mover advantage, finding greenfield exploration in these countries is extremely difficult,” said the company, adding, “That is why Nigeria is such an attractive venue.” Miners from Canada, Australia, the US and China are now following suit. Reviving sectors The president’s pledge to revive agriculture rests at the centre of the government’s efforts to diversify the economy away from oil. The goal is to generate large-scale job creation in the labour-intensive agricultural production and processing industries, while at the same time reducing growing food insecurity in a new era of high food prices. Agriculture currently accounts for around 40 per cent of gross domestic product – down from 70 per cent before the oil export boom. It is the source of 60 per cent of all employment, but only one per cent of total exports. According to the Central Bank of Nigeria (CBN), more than 90 per cent of agricultural output comes from subsistence farmers, few of whom have access to finance or fertiliser, and most of whom survive on an income of little more than naira (N) 150-300 ($1-2) a day. INvESt IN NIGERIA 2012-13
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Invest in NIGERIA 2012-13 Published
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Mubadala is an investment and devel
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Invest in NIGERIA 2012-13 Editor La
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Trade Facilitation/Development Init
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Contents Forewords 16 21 The Policy
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44 Promoting free and fair election
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120 Industrial Infrastructure 124 1
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16 FOREWORD Goodluck Ebele Jonathan
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Ahmadu Bello University, Zaria, Nig
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since 1989 Rotary kiln incinerators
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Pushing boundaries An emerging lead
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24 the policy agenda Realising Nige
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Foreign policy and the investment e
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28 the policy agenda prospects of l
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www.nosakgroup.com Corporate Offi c
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32 the policy agenda Democracy and
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Sustainable business, social repons
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36 the policy agenda There is no do
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38 the policy agenda Working to ach
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40 the policy agenda they had sexua
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42 the policy agenda “The improve
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44 the policy agenda Promoting free
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46 the policy agenda The April 2011
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48 the economy and finance Nigeria
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Murphy Shipping…………Bridging
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52 the economy and finance has been
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Since 1994, Nigeria Inter-Bank Sett
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56 the economy and finance Facts an
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58 the economy and finance petroleu
Page 61 and 62: Driving growth through Mobile Money
Page 63 and 64: elevating the country to the upper
Page 65 and 66: Zenith Bank plc Zenith Bank was est
Page 67 and 68: the economy and finance 67 Public r
Page 69 and 70: Improving Nigeria’s electricity n
Page 71 and 72: supply of electricity, though, will
Page 73 and 74: oil, gas and minerals 73 Nigeria’
Page 75 and 76: aBc Human development consultants l
Page 77 and 78: oil, gas and minerals 77 The decisi
Page 79 and 80: Empowering Nigeria Seven Energy Int
Page 81 and 82: Reliable partner in NIGERIA JASCON
Page 83 and 84: Crude oil exports by destination, 2
Page 85 and 86: The leading indigenous suppliers of
Page 87 and 88: DrillPet International Limited (DIL
Page 89 and 90: Step on the gas The Nigerian Gas Ma
Page 91 and 92: The original GMP proposed a gas inf
Page 93 and 94: Find out more at www.oriental-er.co
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Page 97 and 98: NEITI: the Nigerian Extractive Indu
Page 99 and 100: Cakasa (Nigeria) Company Limited St
Page 101 and 102: The government has ambitious plans
Page 103 and 104: Potential for growth The Nigerian g
Page 105 and 106: Oil and the Niger Delta Nigeria’s
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Page 119 and 120: www.ilf.com ILF - Engineering Excel
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Page 123 and 124: © 2012 Caterpillar All Rights Rese
Page 125 and 126: The National Economic Development P
Page 127 and 128: Vehicle imports General cargo Conta
Page 130 and 131: Engineering & Construction STEMCO,
Page 132 and 133: 132 INDUSTRIAL INFRASTRUCTURE Suppo
Page 134 and 135: 134 INDUSTRIAL INFRASTRUCTURE One o
Page 136 and 137: 136 SOCIAL INFRASTRUCTURE Populatio
Page 138 and 139: 138 SOCIAL INFRASTRUCTURE Tackling
Page 140 and 141: 140 SOCIAL INFRASTRUCTURE the chanc
Page 142 and 143: 142 SOCIAL INFRASTRUCTURE Healthcar
Page 144 and 145: 144 SOCIAL INFRASTRUCTURE Obstetric
Page 146 and 147: 146 agriculture and water Growing t
Page 148 and 149: Electrical, Mechanical, Civil, Wate
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Page 152 and 153: Siat Group Investment Company in Tr
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Page 156 and 157: 156 media, tourism aNd culture A ri
Page 158 and 159: 158 media, tourism aNd culture The
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160 MEDIA, TOURISM AND CULTURE A ci
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162 MEDIA, TOURISM AND CULTURE Top
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164 DIRECTORY Government ministries
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166 DIRECTORY Tel: 236 0521, 236 05
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168 DIRECTORY United States of Amer
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170 Index of advertisers Aero .....
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ffordability - innovation eliabilit
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