A Review of the Nigerian Energy Industry

Nigeria wants US investments in automobile, refinery

23 August 2011, Sweetcrude, Abuja – The Nigerian government has urged the United States of America to diversify its investment interest in Nigeria to car manufacturing and refineries.

Minister of Trade and Investment, Olusegun Aganga who gave the charge when Terence McCulley, U.S Ambassador to Nigeria visited him in Abuja, said Nigeria is revitalising its manufacturing sector and will be of interest if U.S investment into the country shifts from oil and gas to manufacturing.

He said, “I am looking at areas like car manufacturing and refineries that we can explore together. So I think we can be a beat strategic in the areas – let me say that we leave it as a loose and open end and talk about just diversification from oil and gas to the real sector of the economy.” The Minister, while noting that 46% of Nigerian products are marketed in the United States of America, however stressed that Nigeria needs more than this from the economic relationship with the USA.

While expressing federal government concern to industrialize the nation, Aganga said America is expected to be part of the vision. He gave the areas Nigeria expects America to invest in to include automobiles and refineries.

Aganga said, “Your interest and our relationships have been in the area of oil and gas far much more in the past. I see we both have the opportunity to move this more to the real sector of the economy where many, many jobs will be created; where we will diversify the economy that is a major goal for this government.”

The Minister who believed that the two countries can explore areas like car manufacturing and refineries said “We can actually identify specific areas where we have low hanging for example and areas where we have good opportunities even though it may not be obvious for us today. I am very optimistic that we can make the difference.

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