In January 2009, the Nigerian government introduced in the national assembly a bill for an act aimed at overhauling the entire petroleum sector. This bill called the “Petroleum Industry Bill 2009” (“PIB”) affirms the government’s intention to transform the critical but epileptic oil industry into a national champion in the image of Brazil’s or Saudi Arabia’s.
1. The view is largely held that Nigeria operates a mono-economy, revolving around petroleum.1 Whether this view is accurate or not, there is no gainsaying the fact that petroleum is critical to the success and development of the Nigerian economy. Nigeria is a major global producer and exporter of petroleum products; ranked as the largest oil producer in Africa and the 14th largest in the world 2 with a daily production volume of about 2.2 million barrels of oil and estimated reserves of about 35 billion barrels. Nigeria also has the largest gas reserves in Africa and the 8th largest in the world, with estimated reserves of over 180 trillion cubic feet.
Institutionalize innovation as a foundation for the sustainability and long-term competitiveness of our business. In Order to capitalize on the opportunities presented by the 4th Industrial Revolution, The Exchange is investigating the market potential of disruptive and emerging technologies and deploying solutions which….
In Nigeria, gambling is conducted in accordance with laid-down legislation on gambling that is referred to as ‘lottery’ in most jurisdictions, which collectively determines the types of gambling permitted in the country. It is worthy of note that the legal elements of gambling are determined at two levels: nationally and individually among the 36 states that make up the Nigerian Federation. ….