Foreign investments in 13 projects worth more than $9.29 billion are recorded in Nigeria in the third quarter of 2019.
The project investors from four countries are spread across four states in Nigeria, Nigerian Investment Promotion Commission (NIPC), said on Friday in Abuja.
Ms. Yewande Sadiku, NIPC Executive Secretary, who presented the performance of foreign investment in Nigeria, said that Aiteo Eastern Exploration and Production Company planned to invest five billion dollars in crude exploration.
She also reported that Sterling Oil Exploration and Energy Production Company Limited (SEEPCO) entered a venture of 3.15 billion dollars.
The venture is in collaboration with the Nigerian National Petroleum Corporation (NNPC) to explore and develop Oil Mining Lease (OML) 13.
CMES-OMS Petroleum Development Company (CPDC) was also in a US$875.7 million joint venture project with the NNPC.
The deal is for CPDC to fund and provide technical services for the development of OML 65.
Datasonic Group Berhard, a Malaysian Group, has agreed to pump more than $100 million in information and communication infrastructure.
“These investments were mainly in the development of oil fields. This shows the growing capacity of Nigerian companies in the oil and gas sector of the economy,’’ she said.
The Niger Delta region is the major destination with 87 percent, while Lagos, Kaduna, Anambra and Ogun states accounted for less than one percent.
MM/GIK/APA