NIGERIA Invest in 2012-13 - Newsdesk Media

Nigeria’s petroleum industry is set for an
overhaul of its regulatory and legal framework
also the latter’s largest trading partner
in Africa. In addition, Nigeria is the
fifth largest supplier of crude oil to
the United States.
Looking ahead to the remainder of
the decade, Nigeria is striving to broaden
its economic base by increasing private-
sector participation. A number of
initiatives are already under way.
At the start of 2012, there was a
renewed commitment from members of
Nigeria’s Bankers’ Committee – made
up of the chief executives of banks,
financial institutions, and regulatory and
supervisory agencies – all underpinning
a resolve to create a regulatory framework
under which the economy can thrive.
In a statement from the Central
Bank of Nigeria (CBN), the members
said: “We hereby sign this Joint
Commitment Statement with the aim of
developing a set of sustainable banking
principles for the Nigerian banking
sector, to drive long-term sustainable
growth whilst focusing on development
priorities, safeguarding the environment
and our people, and delivering
measurable benefits to society and
the real economy.”
Improved financial standards
Banking is not the only sector to be
facing a period of regulatory change.
As part of his country’s drive to become
a global player, President Jonathan
signed the Financial Reporting Council
of Nigeria Act 2011 into law, and the
staged adoption of International
Financial Reporting Standards (IFRS)
began on 1 January 2012.
the economy and finance 51
IFRS have already been adopted in
most developed economies (with the
United States a notable exception) and
implementation in Nigeria will help to
reassure foreign investors with a credible
financial-reporting regime.
Oil is critical to Nigeria’s future, so
it is unsurprising that the industry has
also been earmarked for improvement.
The Petroleum Industry Bill (PIB) is a
piece of legislation, which, when passed
into law by the National Assembly, will
radically overhaul the regulatory and
legal framework of the Nigerian
petroleum industry. The federal
government hopes to pass the bill into
law during the second half of 2012.
The Nigerian Stock Exchange
continues to play a crucial role in the
economic health of the country, but it
invest in niGeRia 2012-13