The federal government has signed Memorandum of Understandings (MoUs) worth over $80 billion dollars with various Chinese firms to be spent on investments in oil and gas infrastructure.
The money, according to a statement yesterday by the Technical Assistant to the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), on Special Projects, (New Media), would be spent specifically on pipelines, refineries, power, facility refurbishment and upstream sub-sector of the oil and gas industry.
The Corporation said the achievement which is in its bid to bridge the infrastructure funding gaps in the Nigerian oil and gas sector, followed a first of its kind road show which was organised in China.
The Minister of State for Petroleum Resources and Group Managing Director of NNPC, Dr. Ibe Kachikwu, revealed these at the ongoing NNPC China Investors’ Roadshow organised by the Corporation to attract investors in China and the Asian sub region to invest in the Nigerian oil and gas sector.
Kachickwu who led a team of top management of the Corporation and key industry stakeholders to showcase the investment opportunities which abound in the oil and gas value chain in Nigeria to the investors, said it is with a view to attracting funding and partnerships that would turn around the sector and place it among the best in the world.
Speaking during the plenary of a special investors’ roundtable which had in attendance over 200 Chinese investors with key focus on the oil and gas sector, the minister reiterated that the road show was organised as a follow up to the working visit of President Muhammadu Buhari to China in April, 2016.
He further commended the efforts and resolve of the President whose steer and support in ensuring that there is a marked transformation of the oil and gas industry, has inspired the management to work towards the institutionalising of focus, accountability, commitment and transparency at the corporation.