About 74 Chinese companies have indicated interest in investing in Nigeria's oil and gas sector, as part of a broader effort to enhance economic ties between both nations.
According to a statement issued by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday, these companies are among the 216 Chinese firms looking to invest in various sectors of Nigeria's economy.
The Chairman of the House of Representatives Committee on Nigeria-China Relationship, Jaafaru Yakubu, disclosed this during a meeting with NUPRC's Chief Executive, Gbenga Komolafe. Yakubu, who led a delegation to the commission, stated that their visit was to brief the NUPRC on the Federal Government's ongoing initiatives to strengthen trade relations between Nigeria and China.
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He revealed that following the recent signing of the Nigeria-China Relationship Agreement, 216 Chinese companies expressed investment interest, with 74 of them specifically targeting the oil and gas sector.
"One of the key initiatives driving this engagement is the upcoming Nigeria-China Summit, where stakeholders from both countries will explore investment opportunities," the statement read.
Welcoming the committee, NUPRC's Chief Executive, Gbenga Komolafe, reaffirmed the commission's commitment to fostering an investor-friendly environment. He emphasized that as a technical and commercial regulator, the NUPRC is implementing policies and regulatory frameworks that will attract substantial investments into Nigeria's upstream petroleum industry.
This development signals a major boost for the sector, as Nigeria seeks to enhance foreign direct investment and strengthen bilateral economic cooperation with China.
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