Nigeria needs nearly $11 billion to develop 490 subsea wells in the next four years, according to Victor Eromosele of Nigeria LNG Ltd. Eromosele addressed this issue at the eighth annual Offshore West Africa conference in Abuja, Nigeria. "Charity begins at home," Eromosele said.

According to Eromosele, Nigerian banks need to invest in oil and gas projects. But even with their participation, "most of these projects will not be achieved," he said, adding that Nigeria also needs to make itself attractive to foreign investors.

Eromosele listed a number of things that will make Nigeria more likely to draw international dollars, including reducing the adverse financial risk associated with the country and presenting the projects in the best light.

"If you've got a good project, get it properly dressed for financing," Eromosele said. US investors should be high on the list of foreign financers, Eromosele said, because Nigeria has been identified as a nation strategic to US national interest. Despite that, the onus remains on Nigeria to make sure the many upcoming projects are presented, he said.

03/18/04