Boom Stands
Flights to Nigeria Boom with Foreign Investment High
More international business is flocking to Nigeria as the country’s industry and economy continues to grow.
Nigeria is the second biggest economy in Africa and its abundance of natural resources, especially hydrocarbons, make it an attractive prospect for foreign investment and international business.
Business Class – Nigeria’s Oil Prospects
As the 10th largest oil producer in the world and the most prolific oil producer in sub-Saharan Africa, Nigeria is a potentially rich prospect, with 950f its foreign exchange earnings dependent on its oil sector. The upstream oil industry however has caused much political unrest in the country, thanks to it being the most important sector in the economy. Official figures say Nigeria provided 36.22 billion barrels of oil in 2007, with plans to expand this figure to 40 billion barrels in 2010. It’s no wonder that international business is thriving.
Oil Industry Expands
Despite problems of ethnic unrest, the wealth of oil in Nigeria ensures the country is a major attraction for oil multinationals, with the biggest foreign stake holder in the country being Shell Oil. As well as oil, Nigeria had 5.29 trillion cubic meters of gas reserves according to the 2008 BP Statistical Energy Survey. The Nigerian government are planning to raise earnings from gas exports, making it another rich prospect for foreign business. The oil is sourced from five sedimentary basins, including the Niger Delta which contains 800f the oil producing wells due to the area being considered a low risk area. The oil industry also attracts smuggling and large scale corruption in the distribution chain.
6.9elecom Growth
As well as the continued appeal of its natural resources, Nigeria’s GDP rose by 6.9ith its telecommunications industry growth. The Nigerian Bureau of Statistics said non-oil industries in the country have expanded by 8.6 and predictions by the Central Bank of Nigeria state the country will become the largest on the African continent next year, overtaking South Africa with an estimated GDP of $308 billion.
Nigeria offers exciting business prospects as one of the emerging markets rapidly approaching middle income status. As it stands, Nigeria is the biggest trading partner in sub-Saharan Africa to America and the US is the country’s largest foreign investor.
Go Further with Flights and Fly
If you’re thinking of flying to Nigeria for business, plan your trip with Travelhouseuk.org.uk
Telephone 0208-150-3602 to receive expert advice on flights and hotels in Nigeria and receive the very best value for money. Have a query? Email us at: info@travelhouseuk.org.uk
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