Regulatory uncertainty hinders development in Africa
PwC the international business services company has published it’s annual report on the African oil and gas sector. PwC said the continent was on the brink of an oil and gas boom, with East Africa in particular offering significant potential for growth. Six of the top 10 global oil discoveries by size were made in Africa last year. On average, transactions worth $1-billion took place every 17 days in the sector on the continent last year, according to the PwC survey. BUT… International Oil companies operating in Africa and have also found that there are too many obstacles to investment:
“Regulatory uncertainty, corruption and poor physical infrastructure remained the main constraints to any development”
Also quite useful: my recent blog post about the need for, investment, regulatory rationalisation and anti-corruption measures in Nigerian ports.