Menu

The Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, said on Monday that the Nigerian National Petroleum Corporation (NNPC) is seeking to raise about $40 to $50 billion to fund oil and gas projects in Nigeria.

Kachikwu, who is also NNPC’s Group Managing Director, made the disclosure on the sidelines of the ongoing NNPC-China Investors’ Roadshow, which is holding from June 26th to 30th in Beijing.

“We’re looking to raise about $40 to $50 billion,” Kachikwu said in an interview with Bloomberg. “Going to places like China, which have a huge capacity to put money in the oil sector, is very helpful.”

The minister said that the NNPC has already signed a deal for an $8.5 billion investment with the China North Industries Corporation (NORINCO).

The major thrust of the NNPC-China Investors’ Roadshow is to meet with potential funding partners so as to bridge the infrastructure-funding gap in the Nigerian Petroleum Sector, according to an NNPC statement posted on Facebook.

Nigeria’s oil output has declined due to incessant militant attacks on oil facilities in the Niger Delta. Earlier this year, Nigeria’s oil output fell by 800,000 barrels per day to about 1.3 million barrels per day.

During the Bloomberg interview, Kachikwu said that oil output is now between 1.8 million and 1.9 million as of two days ago. He also said crude output will rise to 2.2 million barrels a day next month if repairs on a pipeline are completed.