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Nigeria eyes $50bn Chinese investment in oil and gas 



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.
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.”
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