29 C
Saturday, February 22, 2020
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.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

Lawan Andimi: CAN Declares 21st January As National Prayer Day For Persecuted Nigerian Christians

The leadership of the Christian Association of Nigeria (CAN) has declared 21 January of every year as the CAN National Day of...

Boko Haram attacks Yobe community

Suspected Boko Haram insurgents have attacked motorists near Lantaiwa, a community located 70 kilometers north from Damaturu the Yobe state capital. According...

Insurgency is part of God’s punishment to Nigerians for our sins – Sultan of Sokoto

The Sultan of Sokoto, Alhaji Sa’ad Abubakar lll, has said that the insurgency ravaging the country is God's way of punishing Nigerians...

Assault: Oluwo of Iwoland, Abdulrosheed Akanbi, Suspended for 6-months

The Osun State Traditional Council has suspended Abdulrosheed Akanbi, the Oluwo of Iwo, for six months. The suspension comes...

Recent Comments

Onuegbu Chuks Theophilus on Mikel Obi quits Super Eagles
Thomas H. Anderson on Roman Goddess_3
Oladimeji Emmanuel on Obama sends investors to Buhari