Chinese Investors Eye Nigeria’s Oil and Gas Sector

A total of 74 Chinese firms have expressed their interest in investing in Nigeria’s oil and gas industry, forming part of a larger commitment from 216 Chinese companies seeking opportunities in various sectors of the country’s economy.

This was disclosed by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Jaafaru Yakubu, Chairman of the House of Representatives Committee on Nigeria-China Relationship, emphasized that these investments were spurred by the Nigeria-China Relationship Agreement and the upcoming Nigeria-China Summit. He noted that the oil and gas sector would benefit significantly from this collaboration.

Gbenga Komolafe, Chief Executive of the NUPRC, reaffirmed the commission’s commitment to establishing policies and regulations aimed at attracting substantial investments into the nation’s upstream petroleum industry. These developments signify strengthening economic ties between Nigeria and China, fostering growth and collaboration across multiple sectors.