How can Africa benefit from its oil and gas deposits?
Monday, April 06, 2009
Following a major scoop to curb militants’ grievances in the restive Niger River Delta province, Dubai and Nigeria have agreed on a $16 billion deal that will see massive upgrading of oil and gas infrastructure in the region.
The Delta province accounts for nearly all of Nigeria’s 2-million-barrel-a-day output and is the scene of sabotage and kidnapping as militants wage a violent campaign for a bigger slice of the oil-income pie.
The deal sees the Dubai World Corporation (DWC) in a joint venture with the Nigerian government. Nigeria’s president, Umaru Yar’Adua, who took office nearly two years ago, has prioritized the bringing of stability to the area. He created among other things a new ministry for the region in September last year to fast track the development of the long neglected area. The agreement also covers investment in the realty sector, agriculture and power.
Author: By Momodou Camara