France sets aside €1bn for citizens wishing to invest in Nigeria’s oil sector
In a demonstration to show confidence in Nigerian economy and oil industry reforms in particular, the French government has announced that it has set aside about €1bn to be invested in Nigeria’s oil and gas industry by its nationals.
Apart from maintaining that Nigeria remains its first economic trading partner in Africa, the France Ambassador to Nigeria, Denys Gauer, however, expressed concern that some other French companies were having challenges with the unclear fiscal policies in the oil and gas sector in Nigeria.
Explaining more on French plans to assist Nigeria when the Group General Manager, Group Public Affairs Division of the Nigerian National Petroleum Corporation, Mr. Ndu Ughamadu, led a delegation to his office in Abuja, Gauer said the French Development Agency had put in place about €1bn to encourage investors from his country to invest in the Nigeria oil and gas sector.
He revealed further that the French government was also cooperating with the Federal Government in the fight against Boko Haram insurgency.
Gauer commended the Federal Government for stemming the insecurity situation in the Niger Delta, noting that Total, a French multinational oil and gas company, had significant investment equity in the Nigeria Liquefied Natural Gas Limited and the Egina Project.
Responding, Ughamadu said the NNPC was well positioned and open to investment opportunities from the French government and investors.
He recalled that with the significant scale down in pipeline vandalism and insecurity, which had boosted oil production, global investors such as the French government could now invest in renewable energy, gas and power infrastructure development, pipeline construction, storage facility and the direct sales and direct purchase of Nigeria’s crude oil grades.
