Legal and Regulatory Framework for Resource Diversification in Nigeria: Globalization and the Prospects of Resource Diversification
Date
2015-10-10
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Faculty of Law, Benson Idahosa University
Abstract
For some time поw, the mainstay of Nigeria's economy has been foreign exchange earnings from oil sector. The country is reputed to have large quantities of unexploited natural gas and oil reserves. As the largest exporter of oil with the biggest natural gas reserves in Africa, most of the Foreign Direct Investment into Nigeria has gone into the oil and gas sectors, although more recently into telecommunications and manufacturing as well. Oil and gas currently represent 95% of foreign exchange earnings and 80% of budgetary revenues. Consequently, Nigeria faces the task of diversifying and reforming its petroleum based economy. Through the National Economic Empowerment and Development Strategy (NEEDS) adopted in 2003, the government is currently seeking foreign direct investment in the non-oil sectors with particular focus on manufacturing and agro-allied industries. This paper highlighted the legal and regulatory framework for resource diversification in Nigeria
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BIU Law Journal