Africa is already well-known for its precious metals and stones, but it may also be well-known soon for its oil. Oil producers such as Ambit Energy Corporation are looking to expand Africa’s economic presence by establishing relationships with its oil-rich nations, and Nigeria is one such nation. Its unique relationship with Ambit Energy Corporation will help to accelerate its growing involvement with the global economy.
Since the discovery of local oil deposits in 1956, Nigeria has gradually increased its trade income through oil exports. At present, roughly thirty-five percent of Nigeria’s domestic product comes through oil, placing it as Nigeria’s second most valuable resource after agriculture.
For its own protection, Nigeria instituted trade laws that limit exports and require foreign oil producers to fully finance themselves. Ambit Energy Corporation, founded and operated by dual Canadian-Nigerian citizen Tunde Agbi, is allowed to circumvent these restrictions, speeding Nigeria’s growth while promising shareholders that it can deliver an investment return twice that of leading competitors.