Foreign investments expected to support growth of indigenous entrepreneurship

Jun 25, 1999 02:00 AM

Nigerian oil service companies have questioned the value of foreign investments in the nation's petroleum industry, alleging that multinational oil prospecting companies have deliberately neglected local input in industrial operations. But the multinationals insist they have increased corporate patronage of indigenous companies over the years, and that fresh opportunities for co-operation would emerge as counterpart funding of exploration and production (E&P) improves.
Speaking at the second quarterly forum of the Petroleum Technology Association of Nigeria (PETAN), in Lagos, the association's chairman, Mr. Obi Ekezie, said foreign investments were expected to "translate into real wealth for the country by establishing long term assets in the country" and increasing opportunities for the people. For foreign investments to do this, he argued, "it must support the growth of indigenous entrepreneurship, thus producing a mushroom effect on employment opportunities."

Source: IINX via Iinoil
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