Nigeria - Malam Lamido Sanusi.

The new Governor of the Central Bank of Nigeria (CBN), Sanusi on Aug. 6 said about $12bn were being spent annually on various activities in the petroleum industry. He said this sector accounted for more than 90% of both export revenues and foreign exchange earnings and 80% of government income. He said there was a great and urgent need for funding the sector to accelerate economic development and reposition the country in the global energy dynamics.

Delivering a paper at the 33rd annual international conference and exhibition of the Society of Petroleum Engineers (SPE), Sanusi then said: "Nigeria is the sixth world largest producer of oil and the 10th largest producer of natural gas. These ratings can be improved upon if more funds are injected into the industry and additional investments undertaken".

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