NIGERIA Invest in 2012-13 - Newsdesk Media

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72 oil, gas and minerals Capitalising on Nigeria’s oil resources Major foreign firms have dominated the extraction of Nigerian oil, but proposed legislation will seek to bring greater involvement to indigenous companies invest in nigeria 2012-13
oil, gas and minerals 73 Nigeria’s oil industry has traditionally been dominated by large foreign oil companies, although they now mainly operate offshore fields. The challenge is for local companies to develop onshore and shallow-water sites, and to boost refining capacity. Mark Dixon assesses progress in light of the Petroleum Industry Bill currently passing through the senate Nigeria’s oil industry is one of the most attractive in the world – the fact that companies are willing to suffer the unpredictable system under which it operates demonstrates how appealing it is to both foreign and domestic investors. Until a decade ago, the industry could be characterised as one in which mainly foreign companies came into the country and paid large sums of money to buy the rights to explore for oil and produce it, making enormous profits. The foreign oil companies work in joint ventures with the Nigerian National Petroleum Corp (NNPC), which holds a majority stake in these partnerships for onshore and shallow-water acreage. Theoretically, the NNPC should fund its share of any oil projects, and the returns are passed on to the government to be spent for the good of the country. However, the cash-starved company has rarely been able to pay its way and has fallen victim to red tape and poor accountability. The Petroleum Industry Bill and offshore Reform – and, by extension, investment – is being held up by a lack of political progress in passing the all-encompassing Petroleum Industry Bill (PIB), which was first drafted four years ago. The bill changes fiscal terms for oil developments, and oil companies are unwilling to spend until they know what the tax regime is likely to be. Foreign oil companies have been fighting a rearguard action in an attempt to improve the terms of the bill in their favour, and have been warning of dire consequences if their demands are not met. Shell’s former executive vice-president for sub-Saharan Africa, Ann Pickard, said that the PIB threatens to make a bad situation worse. She described the bill as “a cumbersome document that lacks insight into the very basics of our industry” and said the fiscal provisions of the proposed legislation were the “harshest in the world”. This may be partly because the current terms for the development of oilfields in the deepwaters are particularly 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
Page 22 and 23: Pushing boundaries An emerging lead
Page 24 and 25: 24 the policy agenda Realising Nige
Page 26 and 27: Foreign policy and the investment e
Page 28 and 29: 28 the policy agenda prospects of l
Page 30 and 31: www.nosakgroup.com Corporate Offi c
Page 32 and 33: 32 the policy agenda Democracy and
Page 34 and 35: Sustainable business, social repons
Page 36 and 37: 36 the policy agenda There is no do
Page 38 and 39: 38 the policy agenda Working to ach
Page 40 and 41: 40 the policy agenda they had sexua
Page 42 and 43: 42 the policy agenda “The improve
Page 44 and 45: 44 the policy agenda Promoting free
Page 46 and 47: 46 the policy agenda The April 2011
Page 48 and 49: 48 the economy and finance Nigeria
Page 50 and 51: Murphy Shipping…………Bridging
Page 52 and 53: 52 the economy and finance has been
Page 54 and 55: Since 1994, Nigeria Inter-Bank Sett
Page 56 and 57: 56 the economy and finance Facts an
Page 58: 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: supply of electricity, though, will
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
Page 95 and 96: To encourage the participation of l
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
Page 107 and 108: Shell estimates it has an additiona
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Page 111 and 112: Despite being rich in natural resou
Page 113 and 114: HEAD OFFICE POWER GENERATION TRANSM
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Page 119 and 120: www.ilf.com ILF - Engineering Excel
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© 2012 Caterpillar All Rights Rese
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The National Economic Development P
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Vehicle imports General cargo Conta
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Engineering & Construction STEMCO,
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132 INDUSTRIAL INFRASTRUCTURE Suppo
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134 INDUSTRIAL INFRASTRUCTURE One o
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136 SOCIAL INFRASTRUCTURE Populatio
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138 SOCIAL INFRASTRUCTURE Tackling
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140 SOCIAL INFRASTRUCTURE the chanc
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142 SOCIAL INFRASTRUCTURE Healthcar
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144 SOCIAL INFRASTRUCTURE Obstetric
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146 agriculture and water Growing t
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Electrical, Mechanical, Civil, Wate
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150 agriculture and water sesame an
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Siat Group Investment Company in Tr
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154 agriculture and water The devel
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156 media, tourism aNd culture A ri
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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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