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Vol 6 (AAC) No 10

Published 1st August 2013


How the big projects fell short

The promised deregulation of the refined petroleum market is just one reason for the investment delay

Political and financial concerns have stalled or forced the reformulation of many of the major projects trumpeted since 2008. Back in May 2010, the Nigeria National Petroleum Corporation and China State Construction Engineering Corporation signed an agreement for investment in a petrochemicals centre and refineries at Bayelsa, Kogi and Lagos states at a cost of US$23 billion (AAC Vol 3 No 7). Several explanations have since been offered for the lack of progress.

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