Before oil, Nigeria had oil. With oil were the crops groundnut (peanut), cocoa and rubber. These crops were cultivated in large quantities and exported to Europe and America in the pre-1960s and early ‘60s.

With military incursions into Nigerian government and the dependence of petroleum products as the foremost foreign exchange earner, attention to the agricultural sector dwindled. Nigeria’s groundnut pyramids disappeared, the oil palm plantations vanished and farming went back to a subsistent level. With a burgeoning population, it became increasingly difficult to feed the teeming masses and the country resorted to importing food to supplement the one grown at home.

Petroleum and Gas Reserves
The proven Nigerian oil reserves are 23 Billion barrels; the gas reserves are 160 Trillion cubic meters.

Petroleum and Gas Policy Objectives
The country has put in place Petroleum and Gas policy with the following objectives: Increasing oil reserve base and productivity through vigorous exploration and ensuring judicious exploitation of the resource. Allowing for private sector participation in all the facets of the industry through attractive fiscal measures. Government is giving serious consideration to selling its equity shares in joint venture operation. Acquiring reasonable market shares for the crude oil and its derivatives and achievement of domestic refining self-sufficiency.

Central Bank of Nigeria

To be one of the most efficient and effective world's Central Banks in promoting and sustaining economic development.


Mission Statements
To be proactive in providing a stable framework for the economic development of Nigeria through the effective, efficient and transparent implementation of monetary and exchange rate policy and management of the financial sector.

Nigeria Export Processing Zone Authority (NEPZA)
The Authority is Nigeria's Investment Promotion Agency for investment into the Free Zone areas in Nigeria . The licensing, monitoring and regulation of Free Zones Scheme in Nigeria is vested on the Nigeria Export Processing Zones Authority by the Nigeria Export Processing Zones' Act 63, of 1992.

Several factors are responsible for the adoption of Free Zones Scheme in Nigeria , amongst which are the diversifications of the revenue base of the economy, employment generation and to encourage export through local production.

Nigeria is richly endowed with a variety of solid minerals ranging from precious metals various stones to industrial minerals such as barytes , gypsum, kaolin and marble. Most of these are yet to be exploited. Statistically, the level of exploitation of these minerals is very low in relation to the extent of deposits found in the country. One of the objectives of the new National Policy on Solid Minerals is to ensure the orderly development of the mineral resources of the country.

There are tremendous opportunities for investments in the solid mineral sector of the Nigerian economy. Prospecting licenses for investors (both local and foreign) to participate in the exploitation of the vast mineral resources in Nigeria is granted by the Federal Ministry of Solid Minerals Development.