The minister of Industry, trade and Investments, Okechukwu Enalamah stated that International Oil Companies are set to announce new significant investments into Nigeria’s oil and gas sector to plug the funding gap, following talks by stakeholders on how to revamp that very critical industry.
He said that announcements of these commitments would be made beginning this week although he could not specify how much is being expected. The minister also stressed that investment interest in Nigeria has been overwhelming as commitments reached about $20bn in the last one year.
Nigeria, the world’s eighth largest producer of crude oil, is said to require up to $9 billion annual capital investments in its oil and gas sector to fund exploration and development to achieve the nation’s crude production targets, according to recent figures from the Nigerian Investment Promotion Commission (NIPC).