Investors to Pump $150 Billion Into Nigeria’s Oil Sector – FG

Filed under: Business |
Nigeria oil production 300x200 photo

Total's offshore crude production facility in Nigeria

Nigeria expects $150 billion Foreign Direct Investor (FDI) into the oil and gas sector in the next five years, Minister of Petroleum Resources Mrs. Diezani Alison-Madueke has said.

She disclosed this Friday in Lagos at the commissioning of Nigerian National Petroleum Corporation and Mobil Producing Nigeria Satellite Field Development Project Platforms.

The minister said that the investment was due to the tremendous growth the sector has witnessed in recent times.

Earlier in his speech, President Goodluck Jonathan stressed the need for the country to give priority attention to the oil and gas sector.

He explained that the sector can only grow if over 80 per cent of the instruments or facilities used are manufactured in Nigerian.

Also speaking, Governor Babatunde Fashola said that his administration is in total support of the local content in the oil and gas sector.