Investor Presentaiton

IMF reported in 2008 that Nigeria is increasingly integrating into global financial markets. Interest in Naira assets has been spurred by improved macroeconomic conditions, reduced external vulnerabilities, and global liquidity developments. Hence, since 2005 bank capital has increased two fold, government securities trading five fold, and stock market capitalization four fold. Nigeria has risen very fast and steadily to host the world's 10th largest oil reserves at about 25 billion barrels. Nigeria's associated and non-associated gas reserves are estimated to be well over 166 trillion. The country's natural gas reserves is put at more than 166 TSCF (trillion standard cubic feet), with her current gas production put at 12 billion scf. In the effort to realize its FDI potential, Nigeria have adopted new FDI policy measures and modified existing ones at the national level, and have entered into bilateral and other international investment arrangements. Reforms of investment laws have mainly aimed at liberalizing business entry and operations and at strengthening protections for foreign investment, promote openness and generally made investment environments more favourable for inward FDI. Nigeria is also participants in key market-access initiatives offered by developed countries - especially the European Union and the United States - to developing countries in general or to African nations in particular. Nigeria alone accounts for an estimated 50% of the output of all Economic Community of West Africa Countries (ECOWAS) put together. The long-term outlook is promising for investment in raw-material value-chain activities. Particularly important for the country is the recent changes in the United States' African Growth and Opportunity Act (AGOA), which are expected to increase further the country's diversification into textile processing. FDI in oil and gas and other minerals is likely to remain robust in the medium term. Nigeria is establishing itself as a fully democratic and free-market reformer. Fig 4.1: Nigeria's Output Growth versus Peer Countries Average 2000 – 2008 (%) 32

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