FG secures £1b oil/gas investment from France
Group General Manager, Group Public Affairs Division (GPAD) of the Nigerian National Petroleum Corporation (NNPC), Ndu Ughamadu, has said that the Federal Government has secured about one billion euro from the French Government for investment in the oil and gas sector.
He made this known in a statement after France Ambassador to Nigeria, His Excellency, Denys Gauer, paid him a visit in Abuja.
Confirming the deal, Gauer said that French Development Agency has put in place about one billion Euros to encourage French investors to invest in the Nigerian oil and gas sector, adding that the French government is also cooperating with the Federal Government in the fight against Boko Haram.
The French Ambassador commended the Federal Government for stemming the Niger Delta security situation, noting that Total, a French multinational oil and gas company, had significant investment equity in the Nigeria’s Liquefied Natural Gas Limited (NLNG) and Egina project.
He, however, expressed concern that some other French companies were having challenges with the unclear Nigeria’s fiscal policies in the Oil and Gas sector, revealing that some French investors were currently developing wind energy and solar energy in Katsina State, North central Nigeria.
Earlier, Ughamadu, said the corporation, under the current management, led by the Group Managing Director, Dr. Maikanti Baru, was well positioned and open to investment opportunities from the French Government and investors.
He said that with the significant scale down in pipeline vandalisation and insecurity, which had boosted oil production, global investors, such as, the French Government, can now invest in renewable energy, gas and power infrastructure development, pipeline construction, storage facility, direct sales and direct purchase of Nigeria crude oil grades.
