Continental Focus, International Reach

Nigeria Sees $16 Billion From Chinese

Sunday, August 18, 2019

An official from Nigeria’s state-run NNPC revealed to Vanguard that Chinese investments in its oil and gas industry have reached $16 billion. Despite that substantial amount, the official said the industry needs more to advance its production growth agenda.

The Vanguard article quoted Mele Kyari, the state-run firm’s newest managing director as saying, “To have investment of $16 billion in Nigeria is clearly an indication of your confidence in us. We have a target to grow production to 3m barrels per day by 2023, to do that, we need partners like you. You can count on us because we have common interest.”