Nigeria has the 7th largest Natural Gas Reserves in the world with approximately 260 Trillion cubic feet of Natural gas (associated and non-associated).
Also, the country’s current crude oil reserves stand at 37.2 billion barrels, making it the 10th largest in the world.
The Charge D’Affaires of the Nigerian Embassy in Sweden, Mrs. Jane Ada Ndem, made the disclosure in Stockholm, at a bussiness summit organised by The Nigerians In Diaspora Organisation Europe (NIDOE) in conjunction with Chamber Trade Sweden.
Mrs. Ndem who said Nigeria’s gas reserves are three times as substantial as the crude oil reserves, remarked that ”there are additional 14 Billion barrels of crude oil reserves in the Joint Development Zone (JDZ) between Nigeria and Sao Tome and Principe”
She told the audience that the new administration in Nigeria has improved the enabling environment for business to flourish in the country
The Charge D’Affaires explained that since corruption is the biggest DEMON hindering the free flow of foreign investment to developing countries, the current Nigerian government has made it one of its priorities to fight corruption to the barest minimum.
She said since the inception of president Mohammadu Buhari’s regime, steps have been taken to build the institutions of government and address the main causes of corruption and disobedience of the rule of law.
According to her, efforts are being made to cut down excesses of government, commitment of more resources for capital projects, blocks leakages, revival of the refineries and draw up a sustainable roadmap for the economic transformation of Nigeria.
The diplomat said the government has established the Nigerian Investment Promotion Council, The Nigerian Export Promotion Council, Free Trade Zone, in order to boost investors confidence.
She said currently, the Americans, British, the French, the chinese, the Indians, the South Africans, the Russians and the Emirates are actively involved in various sectors of the Nigerian economy trying to consolidate different levels of long term and sustainable and mutual beneficial investments in the country, ranging from infrastructure, agriculture, banking, healthcare, manufacturing, stock market ICT, energy etc.
While urging the Swedish investors to avail themselves of the business opportunities by investing in Nigeria especially in the new areas of Mining and Agriculture which Nigerian government is keen to develop, she acknowledged the presence of some Swedish multinational companies which have been operating in Nigeia, saying that ”it is not enough and it is time we witness the entry of another batch of Swedish brands into the Nigerian market”
Mrs. Ndem told the gathering that the country has a massive agricultural and agro-allied potential of approximately 120 Billion dollars.
The Charge D’Affaires maintained that the country has a huge business potential and that Nigeria’s growing population of over 170 million is supportive of growth in every facet of economic endeavour, with the youth constituting 60 percent of it’s population.
She described Nigeria as a banking giant, Saying that nine out of the ten top banks in West Africa and Central Africa are owned by Nigerians and Nigerians control 25 topmost banks in West sub-region Central Africa.
”Nigeria has the largest emerging market in Africa, the vibrancy of which is demonstrated by the fact that she has the fastest growing telecommunications market in the world today. From 200,000 subscription rate for fixed lines and over 90 million mobile lines. Growth of cell phone and internet penetration is staggering. Nigeria has overtaken South Africa as the continent’s biggest telecom’s market” she revealed.
The telecom giant in Nigeria, MTN, she said, generated revenues of 3.5 Billion Dollars from Nigeria alone in 2013 ” Nigeria is the this biggest and most profitable market for the company, generating 40 percent of it’s entire group revenue and profit”
The progarmme manager of Chamber Trade Sweden, Malin Dacke, thanked NIDOE for chosing Sweden for the 2015 AGM and disclosed that a delegation have been put in place to visit Nigeria to explore the possibility of investing in the country.
Also speaking at a dinner party held in honour of the NIDOE delegates, the Board of Trustee (BOT) chairman of NIDOE, Dr. George Manuwuike, thanked the Embassy of Nigeria in Sweden, the Swedish business community, his colleagues on the board and urged Nigerians In Diaspora Organisation Europe (NIDOE) to always promote the common interest of Nigeria.
Sweden chapter chairman of NIDO, Ernest Ngadiuba and members of his executive were specially commended by the BOT chairman, the Embassy of Nigeria Charge D’Affaires, for the success of the 2015 NIDOE AGM.
This year’s NIDOE AGM hosted by the Sweden chapter, was attended by chapter chairmen from 13 countries in Europe.