Petroleum Africa
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Wednesday, June 29, 2016
Nigeria is looking to Chinese investors to bridge its funding gap in the petroleum industry. In an interview with Bloomberg Television, Nigeria’s Minister of State for Petroleum Resources, Ibe Kachikwu, said the country is seeking to raise between $40 billion and $50 billion from Chinese investors.
Kachikwu was on the sidelines of the NNPC-China Investors’ Roadshow 2016 in Beijing, a follow up to President Muhammadu Buhari’s visit to China in April.
During the interview Kachikwu revealed that a $8.5 billion investment deal with North Huajin Chemical Industries Group Corp. (Huajin Group) under China North Industries Group Corp. (NORINCO GROUP) had already been signed.
Kachikwu 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.”
Nigeria has failed to invest in covering the infrastructure gap in the downstream sector, in pipelines, refining and gas to power projects according to Kachikwu, and China has huge investment capacity for Nigeria’s oil sector.
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