The Co-Head of Africa, Practice, Hogan Lovells, Arun Velusami, has predicted that there would be increased Foreign Direct Investment (FDI) in natural gas to the Nigeria economy due to the current invasion of Ukraine by Russia.
Velusami, who stated this during a media briefing in Lagos, said with the current situation in Europe, EU countries are seeking to reduce its reliance on Russian gas, therefore.
Nigeria stands a better opportunity to gain from this due to its enormous gas resources and because countries in Europe are seeking to diversify from supply chain.
He also stated that part of Nigeria’s goal is to continue its expansion and industrialization as a major manufacturing hub for Africa, and working in line with that is the drive to increase the power generation, and distribution capacity.
He remarked that the telecommunication industry has promoted digitalised service across many sectors in the economy thereby driving online, real time services and transactions such as online banking, e-commerce, and others.
