Nollywood is Nigeria’s premier industry after the recent emergence of Nigerian influenced afro beats. The movie making sector is a rich sector to invest in while still at its growth stage, support services such as marketing and online services will also see a crucial development phase.
The Nigerian film industry is undoubtedly helping create jobs in a country with an economy that relies mainly on oil and agriculture. Over a million people are currently employed in the industry, making it the country’s largest employer after agriculture. Although Nigeria’s economy will grow by 7% this year, according to the African Development Bank, insufficient jobs for a growing youth population continue to be a huge concern.
Nigeria has expanded its list of fuel suppliers providing the opportunity for several entrepreneurs to enter the market place at various levels e.g. shipping, piping, refined oil, IT and security etc.
Africa's most populous country Nigeria who are also Africas largest exporter of Crude (The Bonny light type), relies on fuel imports because it lacks the capacity to refine its own crude oil. The country relies on fuel so much that it provides a subsidy to make fuel ceaper for the indeginous people's.
Nigeria's gasoline subsidy soaked up 1 trillion naira ($6.2 billion) last year, equivalent to 20 percent of the federal budget and exceeding a budgeted 888 billion naira. The list of gasoline importers compiled by Reuters using information from five sources showed around 3.4 million tonnes was allocated for the third quarter to more than 40 companies, expanded from 30 last year in 2012.
The list of named as suppliers includes; Nepal, Fresh Synergy, Ibafon, Techno Masters, Matrix and MRS. Former main suppliers are named as Vitol , Mercuria and Trafigura which have historically played an important role in supplying fuels to Nigeria but have been replaced by local firms. Nigeria has already spent $1.2 billion on subsidy payments this year 2013 and economists say any sign of a spike in subsidy costs could risk Africa's second largest debt issuer spending oil savings or widening its budget deficit.
Industry sources suggested the current change in policy to use local firms and increase the number of importers may have been partly an attempt to stave off future supply problems, as some importers struggled to get bank loans/credit. The supply list showed Nigerian energy firm Oando PLC won the biggest allocation of 135,000 tonnes while Total and Folawiyo, in which global commodity merchant Glencore is a minority stakeholder, won 90,000 tonnes each. -Reuters