About 74 Chinese companies have indicated interest in investing in Nigeria’s oil and gas sector, according to Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
A statement issued by the NUPRC on Monday, stated that the companies are part of the 216 companies from China that are interested in investing in various sectors of the Nigerian economy,
The statement stated that the Chairman of the House of Representatives Committee on Nigeria-China Relations, Jaafaru Yakubu, told the Chief Executive of the NUPRC, Mr. Gbenga Komolafe during a recent meeting.
It added that Yakubu, who led other members of the committee on the visit to the NUPRC, said they were at the commission to brief the management of the NUPRC on the ongoing efforts by the Federal Government of Nigeria to enhance trade balance between Nigeria and China.
He revealed that following the recent signing of the Nigeria-China Relationship Agreement, 216 Chinese companies expressed interest in investing in Nigeria with 74 of them in the oil and gas industry.
“Yakubu revealed that following the recent signing of the Nigeria-China Relationship Agreement, a total of 216 Chinese companies have expressed interest in investing in Nigeria.
“Out of these, 74 companies are specifically focused on the oil and gas industry, signaling a major boost for the sector,” the statement added.
It explained that one of the key initiatives driving this engagement is the upcoming Nigeria-China Summit, where stakeholders from both countries will explore investment opportunities.
Responding, Mr. Komolafe welcomed the committee and reaffirmed NUPRC’s commitment to fostering an investor-friendly environment.
Komolafe emphasised that as a technical and commercial regulator, the commission is implementing policies and regulatory frameworks that will continue to attract substantial investments into Nigerian upstream petroleum industry.