It has been reported that the Nigerian oil and gas sector has attracted foreign investments totalling N52.921 billion in the last 15 months, according to data gathered and a report released by the National Bureau of Statistics titled: “Nigerian Capital Importation: summary report 2007 – 2014”.
The oil and gas sector recorded up to $129.621 million in foreign investments in 2013 and $201.136 million in the first quarter of 2014. The report further revealed that the Nigerian oil and gas sector attracted FDI totaling $714.258 million, about N114.281 billion between 2009 and the first quarter of 2014. A breakdown of the figure revealed that in 2009, FDI in the oil and gas sector stood at $114.356 million, dropping by 82.17 per cent from $641.266 million recorded in 2008.In 2010, total capital importation in the oil and gas sector stood at $89.449 million, $22.924 million in 2011; $156.772 million in 2012 and $129.620 million in 2013.
Overall, the NBS report noted that total capital importation in the Nigeria for 2009 stood at $5.703 billion, in 2010; $5.996 billion, in 2011; $7.904 billion, in 2012; $16.616 billion, in 2013; $21.318 billion, and first quarter 2014; $3.905 billion.
To this end, the oil and gas sector accounted for 2.005 per cent of the total capital importation into the country in 2009; 1.49 per cent of the total in 2010; 0.29 per cent of the total capital importation in 2011; 0.94 per cent of the total in 2012; 0.61 per cent in 2013 and 5.15 per cent of the total in the first quarter of 2014.
