fDi Markets Newswire:

Nigeria is in line for a $4bn oil revenue windfall as higher-than-expected global prices swell the government’s budgeted oil revenue receipts. Significantly, besides increased spending on infrastructure and other capital projects, a portion of oil revenues will be injected into a stabilisation fund to smooth out future oil price volatility. This is just one way in which Nigeria’s elite reformers are transforming the country, cutting the fiscal deficit and improving the quality of spending. Other measures include ongoing deregulation of diverse sectors and privatisation of state-owned concerns.

Deregulation of the telecoms sector triggered rapid and profitable growth of mobile telecommunications, indicative of the vast latent potential of Nigeria’s 130 million-strong consumer market. Indeed, the most immediate investment opportunities exist in rehabilitating Nigeria’s decrepit infrastructure. With plans to double revenue from oil and gas, significant opportunities also exist in the sector.

Nigeria possesses a well-educated and resourceful workforce and a wealth of unexploited natural resources. Good trade links with the rest of West Africa give it access to a market force of 250 million, thereby making it a good target for foreign investment.

Under President Olusegun Obasanjo, there is macroeconomic stability and GDP growth is estimated to have surpassed 5% in 2004.

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