A delegation of Chinese investors interested the crude oil industry is expected in Nigeria this month, according to the Minister of State for Petroleum, Dr. Ibe Kachikwu on Wednesday.
The Nigerian National Petroleum Corporation (NNPC) had revealed in June that it had signed memorandums of understanding (MOUs) worth US$80 billion with Chinese firms to invest in Nigeria’s oil and gas infrastructure.
“We are having a team of over 40 Chinese … visiting Nigeria by the end of this month,” Dr. Ibe Kachikwu told journalists.
“I will say we have a one year period to work on this. We expect that some (investment) will come earlier,” he said, when asked about the agreements signed in June.
Nigeria is a member of OPEC and the biggest oil producer in Africa until recently due to destruction of oil installations in the Niger Delta by militants.
