FG To Raise $50bn From China To Finance Oil Sector Projects

The Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, on Monday, disclosed that the country is seeking to raise between $40 billion and $50 billion from Chinese investors in the next couple of days to bridge infrastructure funding gap in the Nigerian petroleum industry.

This was even as he stated that Nigeria’s crude oil output has risen to 1.9 million barrels per day and would rise further to 2.2 million barrels by next month when repairs are completed on some of the damaged pipelines.

ALSO READ Wimbledon Masters: Federer, Djokovic, Williams Win As Ana Ivanovic Falters

Minister of  state for petroleum, Ibe Kachikwu
Minister of state for petroleum, Ibe Kachikwu

Kachikwu, stated this in an interview with Bloomberg Television, on the sideline of the Nigerian National Petroleum Corporation, NNPC-China Investors’ Roadshow 2016 in Beijing.

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

Kachikwu also disclosed that the meeting has started to yield positive report, 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.

According to Kachikwu, the country is eyeing such investment from China, which he said has a huge capacity to put money in the oil sector, while he added that a lot of companies in China are showing significant interest in investing in Nigeria.

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.”


Previous ArticleNext Article
Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

Leave a Reply

Your email address will not be published. Required fields are marked *