In a significant boost to Nigeria’s oil and gas industry, 74 Chinese companies have expressed interest in investing in the sector, following strengthened trade ties between Nigeria and China.
This development was disclosed by the Chairman of the House of Representatives Committee on Nigeria-China Relationship, Jaafaru Yakubu, during a meeting with the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe. The meeting, held at the NUPRC headquarters, focused on fostering foreign direct investment (FDI) and expanding economic collaboration between both nations.
Yakubu revealed that, of the 216 Chinese companies currently exploring investment opportunities across various sectors of the Nigerian economy, 74 are specifically targeting the oil and gas sector. This surge in interest follows the recent signing of the Nigeria-China Relationship Agreement, aimed at improving trade balance and strengthening bilateral economic relations.
“China has become a major economic partner for Nigeria, and this agreement is already yielding tangible results. With 74 Chinese companies showing keen interest in Nigeria’s upstream petroleum industry, we are looking at a new era of foreign investment that will drive economic growth, create jobs, and enhance technological exchange,” Yakubu stated.
The NUPRC Chief Executive, Komolafe, welcomed the delegation and reaffirmed the commission’s commitment to ensuring an investor-friendly regulatory environment. He emphasized that the commission has been implementing policies and frameworks designed to attract substantial investments and facilitate ease of doing business within Nigeria’s petroleum sector.
Upcoming Nigeria-China Summit to Drive Investments
One of the major initiatives driving this renewed engagement is the upcoming Nigeria-China Business Summit, where stakeholders from both countries will explore investment opportunities across various industries, including oil and gas. The summit is expected to serve as a platform for direct engagements between investors, regulatory bodies, and key industry players.
Nigeria’s Oil and Gas Sector: A Growing Investment Hub
With ongoing reforms in Nigeria’s petroleum industry, the country continues to position itself as an attractive destination for foreign investment. The government’s efforts to enhance transparency, improve regulatory processes, and expand local refining capacity have drawn international attention.
Industry experts believe that Chinese investments will play a crucial role in Nigeria’s quest to optimize its upstream sector, increase production efficiency, and reduce dependence on petroleum imports.
As both nations gear up for deeper economic collaboration, stakeholders remain optimistic that this influx of Chinese investments will help accelerate the growth of Nigeria’s oil sector while reinforcing China’s strategic role in Africa’s energy landscape.
