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Home News Economy Chinese firms to invest $70bn in Nigeria’s oil sector

Chinese firms to invest $70bn in Nigeria’s oil sector

The Minister of State for Petroleum, Dr. Ibe Kachikwu, on Wednesday said Chinese private sector companies had pledged an additional $70 billion investment in the Nigerian economy.

Kachikwu said this while addressing State House correspondents on the outcome of the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari in the Presidential Villa, Abuja, the News Agency of Nigeria (NAN) reports.

He said the Council was briefed on the outcome of the ministry’s China roadshow held in January.

He said the $70 billion pledges were different from the ones  made  to President Buhari during his earlier visit to the Asian nation.

The minister added that the ministry’s investment target in China was initially to raise $40 billion, which was the total cost of the nation’s infrastructure gap for the oil industry.

He said the China roadshow, however, raised pledges of over $70 billion for the Nigerian National Petroleum Corporation (NNPC) and government potential investments and loans facility.

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