Royal Dutch Shell vice-president for finance and strategy in sub-Saharan Africa, Bernard Bos, has said that Nigeria has a scope for investment worth US$400bn in the oil, gas and power industries
Bos, however, pointed out that the investment could be made only if the environment for investment improved in the country.
At a conference in Lagos, Bos said, “The lack of attractive terms for investment means money that should have come to Nigeria was going to other African countries and Australia.
“Many in the industry are worried about what the petroleum industry bill will do,” he added, referring to legislation to reform the regulation and funding of Nigeria’s oil and gas industry.
Nigeria is Africa’s top oil producer and has the world’s seventh-largest natural gas-reserves of more than 184 trillion cu ft, according to the country’s petroleum ministry.
Bos said, “Shell is the biggest oil and gas operator in Nigeria, providing 40 per cent of gas used by power stations and generating 20 per cent of the country’s electricity and better business opportunities in Nigeria will steer the country towards a better tomorrow.”
