Business

Nigeria eyes $50bn Chinese investment in oil and gas

Published

8 years ago

June 28, 2016

Nigeria to shore up foreign reserves with $15bn India oil deal

The Federal Government has revealed that it is seeking to raise between $40 to $50 billion from Chinese investors in a matter of days to shore up obvious infrastructure gap in the oil and gas industry in the country.

This was disclosed by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Monday, when he spoke to Bloomberg Television on the sideline of an investors’ roadshow organised by the Nigeria National Petroleum Corporation, NNPC, in Beijing, China.

The roadshow, according to the NNPC, was a follow up to President Muhammadu Buhari’s visit to China in April. Kachikwu led a powerful team of NNPC top management and key stakeholders to the roadshow.

Read also: Naira eases against dollar, closes at N282

According to Kachikwu, the meeting has started to yield positive result, as a potential deal for $8.5 billion of investment with North Huajin Chemical Industries Group Corporation (Huajin Group) under China North Industries Group Corporation (NORINCO GROUP) has already been signed, adding that the country is eyeing such investment from China, which he said has a huge capacity to put money in the oil sector.

He said, “We just came out of signing a global $8.5 billion potential investment by one of the companies, NORINCO, in the upstream business in Nigeria. We are beginning the major road show this afternoon (Monday). We are looking to raise about $40 to $50 billion which covers the infrastructure gap that we see in Nigeria. So the interest is enormous.”

Ripples Nigeria…without borders, without fears

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now