NIGERIA FAILS TO ATTRACT $100BN OIL INVESTMENTS

n spite of a decline in oil reserves and increasing competition for investments from other African countries, Nigeria remains sluggish in attracting new investments estimated at $100bn needed to grow reserves and production.

The country, which aims to ramp up production to four million barrels per day and grow the reserves to 40 billion barrels in 2020, has seen its reserves slump to 35 billion barrels from 37 billion barrels, according to the Department of Petroleum.

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