igeria: In need of dreamers, of a certain k Mr. Babs Omotowa MD/CEO Nigeria LNG Limited Babs Omotowa Currently Managing Director/CEO, Nigeria LNG Limited Vice President of Bonny Gas Transport Limited. Previously Vice President, Shell companies in Sub-Sahara Africa Director of the Shell Petroleum Development Company Director of the West Africa Gas Pipeline Company.
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Nigeria: In need of dreamers, of a certain kind
Mr. Babs Omotowa
MD/CEONigeria LNG Limited
Babs Omotowa
CurrentlyManaging Director/CEO, Nigeria LNG Limited Vice President of Bonny Gas Transport Limited.
Previously Vice President, Shell companies in Sub-Sahara AfricaDirector of the Shell Petroleum Development CompanyDirector of the West Africa Gas Pipeline Company.
2
Nigeria – Realities and myths
Nigerians believe they are special
Nigeria was a mistake
Nigeria, a mere geographical expression
Nigerians show individual brilliance but lacking in
political leadership
Huge untapped Potentials• Oil (10th largest proven
reserve with 37bln barrels)
• Gas (187 tcf proven and 600 tcf probable)
• Agriculture (775k sq.km arable land , 85% of land area )
• Power (current production 4500MW, need 200,000MW)
• Real estate (17million deficit)
Unlimited possibilities• Infrastructure• Job creation
Huge market • 169m people
Realities Myths
3
Can-do Spirit
People
Icons
. ..
..
.
4
Nigeria’s resources
Proven – 187 TCF
Unproven – 600 TCF
Natural Gas
169 million population
Oil
Agriculture
5
MINT - Emerging world economies
13th world’s largest economy by 2050
$4trillion GDP by 2050 at 6% annual growth rate
Mexico India
Nigeria Turkey
6
Key Enablers
Stability Profits World policy Opportunity Education
5 key enables for emerging market nations
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Path to unlocking Nigeria’s economy
Power Reform Privatization Agriculture
Capital Business Skills Global connections
Infrastructure
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Successful dreamers
Recall emergence…
from commodities to higher-value manufacturing
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From Oasis To Critical Mass
Partnership
Actualizing the dream of transformation
Personal/Political interest
Weak governance
Poverty issues
Weak infrastructure
National interest
Sustainable development
Strong governance
High accountability
Academic research
Benchmark data
Developing country Developed country
Strong institutional framework (based on local perspective)
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Nigeria – the investment prospect
• Foreign remittance of $21bln in 2013 by Nigerians in diaspora
• $57.4bln spent on importation from Jul 2012 – July 2013
•
• Provide Oil reserves = 37.2 bln barrels• Proven natural gas reserve = 187tcf• Unproven natural gas reserve = 600tcf
• Nigeria is importing what it can produce in abundance
• $2.3bln annually on imported rice • $8.1bln annually on other imported
basic items like wheat, sugar and fish.
• $21.9bln to power Generators annually• $119m annually on generator imports• Current production : 4,500MW• Current demand : 200,000MW
• The housing deficit currently stands at 17 million units
• Additional 2 million units demand added each year.
• $372bln required to alleviate deficit
• Contribute only 0.63% to GDP• Iron ore – 3 bln MT deposits• Gypsum – 1 bln MT deposits• Coal – 3 bln MT deposits• Bitumen – 42 bln MT deposits
Sector Sector
Oil and gas
Agriculture
Power
Banking
Real estate
Mining
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Nigeria LNG – An inspiration from Nigeria
4% Nigeria GDP $80bln Revenue (since 1999)$13bln Asset base
100% Nigerian MGT team97% asset reliability World’s 4th largest LNG plant
3000 LNG cargo delivered
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