China To Invest Over 1 Trn Naira In Nigeria, Guess Where Exactly?
So, Nigeria and China relations are only getting better. Their investment in Nigeria continues to deepen.
On Sunday, the Nigerian National Petroleum Corporation, NNPC announced that Chinese oil corporation, the China National Offshore Oil Corp is willing to invest $3 billion, about more than 1 trillion naira, in its existing oil and gas operation in Nigeria.
This was after a meeting between NNPC and the Chinese oil giant in Abuja on Sunday.
During a visit to the NNPC, CNOOC Chief Executive Yuan Guangyu said the Beijing-based oil company had invested more than $14 billion in its Nigerian operations and expressed readiness to invest more.
Guangyu said Nigeria is their largest investment destination and also asked the NNPC to seek common grounds with CNOOC for enhanced productivity.
Nigeria has been holding talks with oil majors over new finance agreements for joint ventures since last year. The NNPC last year signed financing agreements with Chevron and Shell worth at least $780 million to boost crude production and reserves.
Other western oil companies, including ExxonMobil, operate in Nigeria through joint ventures with NNPC.