Shell Energy Entrepreneurs banner Yudala banner
Nigeria to get $4bn loan facility for oil and gas infrastructure development

By News Express on 06/10/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 946


The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, says Nigeria expects as much as four billion dollars in loan facilities for infrastructure development in the oil and gas sector.

Dr. Kachikwu gave the hint on Wednesday ahead of a 40-member Chinese investment team’s visit to Nigeria at the end of October.

He told journalists after the Federal Executive Council meeting on Wednesday that the loan facility was independent of the $75.6 billion oil sector investment Memorandum of Understanding signed at Nigerian National Petroleum Corporation’s China Road Show in July.

The Minister said $40 billion was the original target, being the total cost of Nigeria’s oil infrastructural gap.

He further told reporters that despite an expected gestation period of one year for the hatching of business incentives and terms of investment arising from different agreements the nation had entered into, the country would take advantage of some readily available facility lines.

Nigeria’s oil sector had witnessed lesser activities, since the price of crude oil dropped, dipping the nation’s revenue.

Nigeria largely depends on crude oil sales for its revenue, but the government has reiterated the need for a shift from crude oil to other sectors to raise money and re-inflate the economy in recession.

Dr. Kachikwu had at the roadshow described Nigeria as a reservoir of natural resources waiting to be tapped.

The Minister urged the Chinese investors to join their counterparts who have invested in Nigeria and were doing well in various sectors of the economy.

Dr Kachikwu stated that Nigeria was a preferred investor’s destination because of its liberal policies and quick returns on investments.

The Minister also signed an agreement worth $30 million.

A top official of the Nigerian National Petroleum Corporation (NNPC), Anibor Kragha, who presented the areas of investments to the businessmen, described Nigeria’s oil company as the biggest investment in the African continent looking for partners that will be part of Nigeria’s oil and gas revolution.

Kragba assured the businessmen of a friendly environment and quick returns on investments in Nigeria’s oil industry.

Also at the roadshow, an indigenous investor in the industry, Dr Bryant Orjiakor, lent his voice to the attraction in the nation’s oil and gas industry.

According to Orjiakor, Nigeria’s oil and gas industry was a major platform on which the country aim to expand its economy.

He identified Nigeria’s population as an advantage for quick yields on investments.

Nigeria is targeting about $15 billion foreign investments from China and the Gulf States to replace and expand its ageing infrastructure in the oil industry.

The NNPC also targets $50 million investment from its roadshows and its major target of investors are in China, India and the Gulf Countries. (Channels TV)

 

Source News Express

Posted 06/10/2016 05:29:42 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Heavy death toll reported as Boko Haram storms...

Nasarawa workers suspend two months strike

18 die as herdsmen, farmers clash

Expect rains and cloudy weather today —NiMet

Tinubu faults calls for secession, break-up of Nigeria...

Breaking News: Amaechi, Mustapha escort El-Rufai to SSS...

Sultan calls for special prayers against terrorism •JNI...

MOSOP moves to reconcile warring Ogoni communities

Editor fears for life, raises alarm

Naira sustains gain at parallel market

200 girls to study medicine abroad under Sokoto...

No going back on war against corruption despite...

 

Latest News Buhari at 75: Why God kept him alive, By Femi Adesina ECOWAS Heads of State meet in Abuja Billionaire couple found dead at home Nigerian Army rescues 4 Chinese expatriates Oil workers set for indefinite strike 3,000 horses, camels grace Kaduna centenary celebration Traders count losses as fire razes Onitsha drug market Sultan wades into Hijab controversy City extend Premier League record; Blues, Arsenal win Battle rages for Zuma’s successor Buhari mourns Gidado Idris 2 Nigerians win African Entrepreneurship Award

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (301,899 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (286,693 views) Shameless Genevieve Nnaji exposes breasts in public (231,391 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (193,998 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (183,770 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (170,940 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (147,647 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (132,806 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (131,021 views) Lagos plane crash: Journalist releases victims’ names (119,466 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (115,835 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (112,665 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,824) Business Verdict (30) Columnists (779) Complaints & Requests (94) Enterprise & Opportunities (195) Entertainment (421) Features (526) Global Business Monitor (198) International (1,693) Interviews (138) Live Commentary (28) Love Matters (92) News (31,085) Opinion (845) Pidgin (9) Politics (4,225) Religion (654) Sports (1,382) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

MOBO Awards

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!