Investor Presentaiton

4.0 OPERATING ENVIRONMENT 4.1 Nigeria in Perspective As an emerging market of 140 million people, Nigeria prosperous nation remains vitally important to Africa's security, democracy, trade, and energy needs and objectives. Nigeria is one of the most dependable African allies on a wide array of diplomatic initiatives including Darfur, peacekeeping, counter- terrorism, to HIV/AIDS--where recent data indicates that prevalence rates for AIDS in Nigeria is actually declining. Nigeria offers investors a low-cost labor pool, abundant natural resources, and potentially the largest domestic market in sub-Saharan Africa. Returns on investments in Nigeria are among the highest in the world. Well-run businesses generate returns that far exceed returns on equivalent investments in other markets with similar risk profiles - a demonstration that while the risk levels may be considered high, the superior return levels are even higher. On February 13, 2008, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Nigeria.¹ The 2007 report of IMF Consulting with Nigeria indicated that Nigeria's economic performance has been strong since the last Article IV consultation. Output has grown strongly, inflation reduced to single digits, and the external and fiscal positions strengthened significantly. A burgeoning financial sector is supporting private activity. In the context of the global financial crises, Africa is rated the most favourable investment destination. Nigeria is ranked first followed by Ethiopia; South Africa etc (Africa Rainbow Consulting) Nigeria has the highest Return on Investment (ROI) in Africa -35% - 45% generally (70 - 100% in some sectors) 31

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