Nigeria Plans to Invest $75bn in Oil, Gas Sector

This Day (Lagos)

20 November 2007
Postedon 20 November 2007

Linda Eroke
Lagos

Nigeria is to invest $75 billion over the next five years in the oil and gas sector through joint venture partnership with oil companies and third party investment.

Minister of State for Petroleum, Odein Ajumogobia made this known in Saudi Arabia after the OPEC Ministerial Symposium, which looked at the current condition and future prospects of global oil and gas market.

The Minister, who addressed the world media shortly after the symposium said the new funding mechanism for exploration and production of oil and gas in Nigeria will not only eliminate the persistent deficit government encounter annually in funding cash calls but will also ensure that the targeted $15 billion annual investment in the sector in the next five years is adequately met in the mutually beneficial way between Nigeria and her partners. Ajumogobia reiterated President Yar'Adua's great concern over the rising crude oil prices which he said may not be good for Nigeria and indeed the whole world in the long run.

The minister, who stated that improving capacity of indigenous oil producing companies like NDDC and the effective utilisation of gas is the goal of Yar'Adua's administration, said Nigeria welcomes investment from all parts of the world.