Ibe Kachikwu and the Nigerian National Petroleum Corporation (NNPC) have beaten the $40billion to $50billion investment target earlier set for the NNPC-China roadshow.
The corporation said it has achieved its bid to bridge the infrastructure funding gaps in the Nigerian oil and gas sector.
On arrival in China, Kachikwu said the corporation was looking forward to harnessing $40billion to $50billion in oil and gas investments for Nigeria.
In a statement released on Thursday, NNPC said the first-of-its-kind road show in China yielded memoranda of understanding (MOU), worth over $80billion, with about 38 Chinese companies.
The investments are to be spent on oil and gas infrastructure, pipelines, refineries, power, facility refurbishments and upstream.
Kachikwu, while speaking during the plenary of a special investors’ roundtable, which had in attendance over 200 Chinese investors with key focus on the oil and gas sector, reiterated that the roadshow was organized as a follow-up to the working visit of President Muhammadu Buhari to China in April, 2016.
Kachikwu signing an MOU with SINOPEC
He commended the efforts and resolve of the president, whose steer and support in ensuring marked transformation of the oil and gas industry, has inspired the management to work towards institutionalising focus, accountability, commitment and transparency at the corporation.
NNPC attributed “the huge success so far recorded on the roadshow” to Kachikwu’s leadership in the sector and over 30 years of contact in the industry.
Some of the companies involved include NORINCO, CINDA, CNOOC, SINOPEC/ADDAX, ICC-NDRC amongst others.
The International Cooperation Commission (ICC) of the National Development and Reform Commission (NDRC), in charge of implementing cooperation between Chinese governments, foreign governments and organisations, have committed to developing an overarching master plan for the Nigerian oil and gas include that will include a detailed feasibility study of current status of existing infrastructure in the industry.
They will also develop bankable projects that are expected to attract Chinese investors on this government-to-government platform.
At the end of the plenary, Kachikwu expressed his gratitude to the Chinese government and investors for the show of support which reflects the growing international confidence in Nigeria’s oil and gas sector.
Kachikwu further mentioned that the China Roadshow is the first of many investor roadshows intended for the raising of funds to support the oil and gas infrastructure roadmap.
Road shows have been slated for India and the Gulf States.
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