BEIJNG FIRM TO INVEST IN NIGERIA’S OWN ORIENT PETROLEUM RESOURCES.

  One of the most enterprising people you will ever get to meet in the whole of Africa, are the Nigerian people from the southeastern region, they say. I have not really been around Africa but narrowing this down to Nigeria, the southeastern people (particularly the Igbo speaking tribe) are the most enterprising people in Nigeria. Of all the southeastern states, Anambra happens to be of particular interest. Anambra, with the slogan, home for all, though having the most enterprising people in the whole southeastern region, unfortunately is the most underdeveloped Igbo speaking state in Nigeria. It lacks healthy living standards of its populace, basic infrastructure for citizenry, institutions of good or high academic standards. In the past five years, there have been series of power tussles concerning the governorship of the state. This has even helped to make the situation all the more worse within the state. But perhaps, all this is about the change within the state, though not completely.
  A Beijing Petro-Chemical Design Institute China is to invest a sum of N80 billion into the Anambra state based Orient Petroleum Resources Limited, located at Nsugbe and Umueri in Anambra East Local government Area. According to Chief Emeka Anyaoku, Chairman of the company, the Chinese firm which is the biggest Petro-Chemical company in China was in Anambra state to partner with Orient Petroleum Resources Limited, an indigenous oil firm based in the state, on the construction of an oil refinery.
  It is note worthy that in the past two months, we have seen a number of oil refinery construction proposals come from indigenous and foreign tenders alike. While we are not certain which oil refineries will be found standing in the next five years, we are however certain that efforts are being made which in the long run is likely to better the situation on ground at present.
  Another key issue here is how this development if concluded, will effect positive changes in Anambra state and the whole eastern region. As an example, when the recurrent fuel scarcity that hits the nation intermittently begins, the eastern region remains the highest sufferers as the prices of a liter of petroleum products go up dramatically. The excuse usually is the transportation costs of getting products to eastern destinations as there are no refineries or oil depots situated within the region. With this new development, perhaps this situation may be slightly arrested. I think this development will also aid the horrible situation of unemployment plaguing most of the eastern regions. Perhaps Anambra state is on the verge of experiencing some real urban development and positive societal transformations, which are indeed highly needed within the region.
 
 

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BEIJNG FIRM TO INVEST IN NIGERIA’S OWN ORIENT PETROLEUM

Foreign Direct Investment (FDI) has been one of the main vectors of globalization in the past and has possibly grown in importance over the past decade (Jones, 2005; OECD, 2005) managed hosting. The multinational corporations (MNCs) from industrialized countries, where most FDI originates, have provided a massive infusion of capital, technology, marketing connections, and managerial expertise that, under certain conditions, have played a major role in the economic transformation and growth that many less developed and newly industrialized countries from around the world have experienced over the past two decades windows hosting.1 In the process, some enterprises from emerging economies, including both transition, and developing economies, have amassed sufficient capital, knowledge and know-how to invest abroad on their own and claim the status of emerging multinationals (EMNCs). The number of Fortune 500 companies headquartered outside the Triad (the North Atlantic and Japan) and Oceania has risen from 26 in 1988 to 61 in 2005, and Samsung (Republic of Korea) has become one of the top 20 most valuable brand names in the world.2 It seems likely that this trend will continue in the years ahead. Another indicator is the ratio of foreign assets held
by the largest EMNC to those of the world’s largest MNC, which has risen from 5.7 per cent in 1999 to 6.9 per cent in 2003 (UNCTAD, 2001 and 2005) linux hosting.3 In April 2006, the Russian Gazprom surpassed Microsoft to become the world’s third most valuable company. And China Mobile’s market capitalization surpassed that of the United Kingdom telecom company Vodafone.
Developing-country MNCs first appeared as a focus of interest about 25 years ago, with the advent of some overseas expansion by companies from a few countries (Lecraw, 1977; Lall, 1983; Wells, 1983).4 The earliest major
developing-world sources of FDI in this period were a small group of economies, including Argentina, Brazil, Hong Kong (China), India, Republic of Korea unix hosting, Singapore, and Taiwan (Province of China).5 It is only since the late 1980s that an increasing number of developing countries and
transition economies, including Chile, China, Egypt, Malaysia, Mexico, Russian Federation, South Africa, Thailand, and Turkey, have become significant sources of FDI. Since 2003, the growth rate of outward FDI (OFDI)

Toba George's picture

NEED INVESTORS.

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