216 Chinese firms recently visited the West African country of Nigeria to look into investment prospects. Of the 216 firms, 74 are interested in investing in the country’s oil sector.
- 216 Chinese firms visited Nigeria to explore investment prospects.
- 74 of the Chinese firms are interested in investing in Nigeria’s oil and gas sector.
- The Nigeria-China Relationship Agreement led to the increased interest in investment.
According to a statement issued by the Nigerian Upstream Petroleum Regulatory Commission on Monday, Nigeria’s primary sector, its oil and gas sector, has piqued the interest of approximately 74 Chinese firms.
The House of Representatives Committee on Nigeria-China Relationship Chairman, Jaafaru Yakubu, made mention of this new development to the Chief Executive of the NUPRC, Gbenga Komolafe, at a recent meeting.
The House of Rep chairman, who led the other committee members on the visit to the NUPRC, explained that they were simply there to update the commission’s administration about the Federal Government’s continuous efforts to improve the trade balance between both countries.
According to Yakubu, over 200 Chinese enterprises indicated an interest in doing business with Nigeria since the recent signing of the Nigeria-China Relationship Agreement, with 74 of them operating in the oil and gas sector.
“Yakubu revealed that following the recent signing of the Nigeria-China Relationship Agreement, a total of 216 Chinese companies have expressed interest in investing in Nigeria,” the statement revealed.
“Out of these, 74 companies are specifically focused on the oil and gas industry, signaling a major boost for the sector,” it added.
DON’T MISS THIS: Africa’s largest oil producer in nuclear talks with Russia
Nigeria-China Summit
A key factor which led to this new develpment is the highly anticipated Nigeria-China Summit, where representatives from both countries are expected to explore various investment opportunities and strengthen economic ties.
This summit is set to serve as a platform for discussions on fostering bilateral trade and enhancing collaboration in critical sectors.
During a recent meeting, Gbenga Komolafe, chairman of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), welcomed the committee.
He emphasized the Commission’s steadfast commitment to creating a business-friendly climate that supports both international and local investment.
As the chairman of a regulatory organization in charge of both technical and commercial elements of the upstream petroleum sector, Komolafe emphasized the commission’s proactive approach to developing and implementing regulations aimed at attracting significant investments.
He stated that the commission’s goal in enacting strategic rules is to achieve long-term economic growth in Nigeria’s oil and gas sector while maintaining global competitiveness.
Source: The Punch Newspaper
