There is a ray of hope for Nigeria’s foreign direct investment.

The French Government has said that it has set aside one billion euros, which translates to about 410 billion Naira to be invested in the Nigeria Oil and Gas industry.

France Ambassador to Nigeria, His Excellency, Denys Gauer, declared this when the Group General Manager, Group Public Affairs Division of the Nigerian National Petroleum Corporation (NNPC), Mr. Ndu Ughamadu, led a delegation to his office in Abuja.

Mr. Gauer said that French Development Agency has put in place about one billion Euros to encourage French investors to invest in the Nigeria Oil and Gas sector, adding that the French government is also cooperating with the Federal Government in the fight against Boko Haram insurgency.

The French Ambassador commended the Federal Government for stemming the Niger Delta insecurity situation noting that Total, a French multinational Oil and Gas Company, had significant investment equity in the Nigeria Liquefied Natural Gas Limited (NLNG) and Egina project. 

He however, expressed concern that some other French companies were having challenges with Nigeria’s unclear fiscal policies in the Oil and Gas sector revealing that some French investors were currently developing wind and solar energy in Katsina State.