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Nigeria

Foreign investor groups commit $21bn to Nigeria's oil and gas sector

Two non-binding memoranda of understanding could bring fresh foreign capital into Nigeria's oil and gas sector, a key source of federal revenue.

Photo: New Telegraph

What happened

The federal government said it has secured commitments from foreign investor groups to mobilize $21 billion in fresh capital for Nigeria's oil and gas sector. thisdaylive.com+1 Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri said two non-binding memoranda of understanding were signed with the investor groups. thisdaylive.com Lokpobiri said he met the two groups in Abu Dhabi, and that the first committed to invest $15 billion while the second committed to invest N6 billion. New Telegraph He made the remarks on Monday at the 44th Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists in Lagos. New Telegraph

Around it

Lokpobiri said many investors want to come to Nigeria and urged the association to ensure knowledge transfer to young people. New Telegraph Lokpobiri called for more exploration campaigns to discover additional barrels. thisdaylive.com Association president Olajumoke Ajayi asked where Nigeria's next barrels would come from, referring to resources that remain undiscovered, unappraised and undeveloped. New Telegraph

Sources

  1. thisdaylive.comFG: Foreign Firms Mobilise $21bn to Invest in Nigeria’s Oil, Gas Sector
  2. New TelegraphNigeria To Get Fresh $21bn FDI

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