Nigerian Oil and Gas Sector Attracts N52.921 Billion in Past 15 Months

  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.