France to invest US$1.14bn in Nigeria’s oil and gas sector

Oil RigThe Nigerian National Petroleum Corporation (NNPC) announced that the government of France, through the French Development Agency, has set aside US$1.14bn to be invested in the Nigerian oil and gas industry

In a statement, Denys Gauer, ambassador of France to Nigeria, said that the fund was aimed to encourage the French investors to invest in the oil and gas sector in Nigeria.

During his meet with a group of delegation in Abuja, led by Ndu Ughamadu, group general manager at the group public affairs division (GPAD) of the NNPC, Gauer declared Nigeria as France’s first economic trading partner in Africa.

He stated that although some of the French companies expressed concern about the Boko Haram insurgency in Nigeria, which has mooted challenges to the country’s fiscal policies in the oil and gas sector, many French investors are currently developing wind and solar energy in Nigeria’s Katsina state.

Gauer also commended the Federal Government for stemming the Niger Delta insecurity situation.

He mentioned that the French multinational oil and gas company Total has significant investment equity in the Nigeria Liquefied Natural Gas Limited (NLNG) and Egina project.

Addressing concern of the French investors about the stage of uncertainty in Nigeria, Gauer noted that the French government is helping the Federal Government in its fight against Boko Haram insurgency in the country.

Ughamadu called for a closer cooperation between the French government and NNPC, particularly in areas of consular services, to enable the executives as well as the staffs of the state-run petroleum corporation to meet their global engagements more effectively.

Ughamadu also encouraged the global investors to invest in renewable energy, gas and power sector, pipeline construction, storage facility and direct sales of Nigeria crude oil grades, noting that the pipeline vandalism, insecurity and political uncertainty have significantly reduced in Nigeria.

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