Nigeria: In need of dreamers, of a certain kind

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Information about Nigeria: In need of dreamers, of a certain kind

Published on March 6, 2014

Author: NigeriaLNG



Nigeria: In need of dreamers, of a certain kind
Presented at Harvard University on March 5, 2014
By Babs Omotowa (FCIPS)

Babs Omotowa Currently Managing Director/CEO, Nigeria LNG Limited Vice President of Bonny Gas Transport Limited. Previously Vice President, Shell companies in Sub-Sahara Africa Director of the Shell Petroleum Development Company Director of the West Africa Gas Pipeline Company. Nigeria: In need of dreamers, of a certain kind Mr. Babs Omotowa MD/CEO Nigeria LNG Limited

Nigeria – Realities and myths Realities Huge untapped Potentials • Oil (10th largest proven reserve with 37bln barrels) • Myths Nigerians believe they are special Gas (187 tcf proven and 600 tcf probable) • Agriculture (775k arable land , 85% of land area ) • Nigeria was a mistake Power (current production 4500MW, need 200,000MW) • Real estate (17million deficit) Huge market • 169m people Unlimited possibilities • Infrastructure • Job creation Nigeria, a mere geographical expression Nigerians show individual brilliance but lacking in political leadership 2

Can-do Spirit . People . . . Icons . . 3

Nigeria’s resources Oil Natural Gas Proven – 187 TCF Unproven – 600 TCF Agriculture 169 million population 4

MINT - Emerging world economies Mexico India 13th world’s largest economy by 2050 Nigeria $4trillion GDP by 2050 at 6% annual growth rate Turkey 5

Key Enablers 5 key enables for emerging market nations Stability Profits World policy Opportunity Education 6

Path to unlocking Nigeria’s economy Capital Power Reform Privatization Business Skills Agriculture Global connections Infrastructure 7

Successful dreamers Recall emergence… from commodities to higher-value manufacturing 8

From Oasis To Critical Mass 9

Actualizing the dream of transformation Developing country Developed country Personal/Political interest Sustainable development Weak governance Strong institutional framework (based on local perspective) National interest Strong governance Weak infrastructure High accountability Poverty issues Academic research Benchmark data

Nigeria – the investment prospect Sector Sector • • • Oil and gas Provide Oil reserves = 37.2 bln barrels Proven natural gas reserve = 187tcf Unproven natural gas reserve = 600tcf • Banking • Foreign remittance of $21bln in 2013 by Nigerians in diaspora $57.4bln spent on importation from Jul 2012 – July 2013 • • Agricul ture Power Nigeria is importing what it can produce in abundance $2.3bln annually on imported rice $8.1bln annually on other imported basic items like wheat, sugar and fish. • • • • • • $21.9bln to power Generators annually $119m annually on generator imports Current production : 4,500MW Current demand : 200,000MW • • Real estate Mining The housing deficit currently stands at 17 million units Additional 2 million units demand added each year. $372bln required to alleviate deficit • • • • • Contribute only 0.63% to GDP Iron ore – 3 bln MT deposits Gypsum – 1 bln MT deposits Coal – 3 bln MT deposits Bitumen – 42 bln MT deposits • 11

Nigeria LNG – An inspiration from Nigeria 4% Nigeria GDP $13bln Asset base $80bln Revenue (since 1999) 3000 LNG cargo delivered 97% asset reliability World’s 4th largest LNG plant 12 100% Nigerian MGT team


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