Chinese banks committed to oil, gas investments in Nigeria

Lagos

Chinese banks have made commitments to offer financial support for oil and gas investments in Nigeria, a top Nigerian official has said.
Maikanti Baru, the Group Managing Director (GMD) of Nigerian National Petroleum Corporation (NNPC) said this in Abuja, the nation’s capital on Friday. He spoke when a delegation of Nigerian Gas Association (NGA) paid him a courtesy visit.
Baru said China had contributed 250 million U.S. dollars for project development at a recent financing agreement signed in London.
“On that occasion, I did challenge the Chinese banks that since they have now come on board, they should move from the back seat to the driver’s seat,” he added. Baru said the recent debt settlement for Joint Ventures (JV) would have great impact on the gas industry.
He said the JV initiative was capable of providing some dedicated funds to develop the oil sector. “We share the aspiration of government to raise power generation to at least 10 GW capacity, not just 10 GW in terms of installed capacity but one that will be steady in the grid by 2020,” he said.—Xinhua

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