The Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, on Monday, disclosed that the country is seeking to raise between $40 billion and $50 billion from Chinese investors in the next couple of days to bridge infrastructure funding gap in the Nigerian petroleum industry.

THE MINISTER OF STATE FOR PETROLEUM RESOURCES, DR EMMANUEL IBE KACHIKWU This was even as he stated that Nigeria’s crude oil output has risen to 1.9 million barrels per day and would rise further to 2.2 million barrels by next month when repairs are completed on some of the damaged pipelines. Kachikwu, stated this in an interview with Bloomberg Television, on the sideline of the Nigerian National Petroleum Corporation, NNPC-China Investors’ Roadshow 2016 in Beijing.
The roadshow, the NNPC stated was a follow up to President Muhammadu Buhari’s visit o China in April. Kachikwu, the NNPC said, led a powerful team of NNPC top management and key stakeholders to the roadshow. Kachikwu also disclosed that the meeting has started to yield positive report, as a potential deal for $8.5 billion of investment with North Huajin Chemical Industries Group Corporation (Huajin Group) under China North Industries Group Corporation (NORINCO GROUP) has already been signed.
According to Kachikwu, the country is eyeing such investment from China, which he said has a huge capacity to put money in the oil sector, while he added that a lot of companies in China are showing significant interest in investing in Nigeria.

He said, “We just came out of signing a global $8.5 billion potential investment by one of the companies, NORINCO, in the upstream business in Nigeria. We are beginning the major road show this afternoon (Monday). We are looking to raise about $40 to $50 billion which covers the infrastructure gap that we see in Nigeria. So the interest is enormous.” Kachikwu lamented that over the years, Nigeria, as well as a few other countries, had failed to invest in covering the infrastructure gap in the downstream sector, in pipelines, refining and gas to power. According to him, the need for new resources is very key, especially as the country does not have those resources, while he stated that going to places like China, which had shown a huge capacity to put money in the oil sector, is very helpful. Commenting on the dwindling oil price and its impact on investing in Nigeria, Kachikwu said,

“As much as we do agree that the price of oil has slid, obviously, and creates a lot of challenge for investors. But the reality is that for countries like Nigeria and indeed for most OPEC countries, you still find that price per cost barrel of oil, it still provides enough incentives. “And what we need to do is continue to drive down our cost, create policies that are encouraging, focus government attention on the long and short term gains and encourage investors, both from the point of view of investing in a country like Nigeria and also looking at how Nigeria impacts the whole of Africa. This country is an important place to put money in, in the oil sector at least.”

Furthermore, Kachikwu debunked reports that Nigeria’s crude oil production had recorded significant decline over the last couple of months, stating that from January right to April of this year, Nigeria is producing an average of 1.9 million to 2.2 million barrels per day, which is basically within the threshold of 2.2 million barrels that was budgeted for the year. He, however, noted that in the months of May and June, the country suffered a lot of militant attacks which took the country’s crude oil output down from about 2.2 million to 1.3 million barrels. On ways to shore up the country’s oil output, he said, “We have managed to have begin to lead conversation with the militants.

Read more at: http://www.vanguardngr.com/2016/06/fg-raise-50bn-china-finance-oil-sector-projects/?utm_source=twitterfeed&utm_medium=twitter

Fayose please come to our rescue and write to the Chinese government once again.


These thieves are bent on crippling this country

"Rapistomenka" what a moniker....

what about all the money they claimed they recovered from looters??

We can now see why Buhari and his godless goons want to destroy and shut the mouth of Fayose


They just want to rape our treasury unchallenged

rapistomenka:
Fayose please come to our rescue and write to the Chinese government once again.


These thieves are bent on crippling this country

doyinisaac:
what about all the money they claimed they recovered from looters??

When a yam eater recovers yam from another yam eater, does he keep it?



The looted funds have been looted already.

This government will end up putting us in more debt than they met us

How can they borrow after claiming they recovered trillions from looters. Lies can only cause more lies, only the truth can set APC free

Breadmaker:
When a yam eater recovers yam from another yam eater, does he keep it?



The looted funds have been looted already.

So it is a case of dog calling cat animal...

the time this thing will purge them is coming

$50b

Maybe it's high time we consider selling naija to china

The hullabaloo of Naira-Yuan has fizzled out without any benefit to Nigerian masses


Now what will be our reward for this $50bn dollars from China

This is why Buhari is actually being forced into his globe trekking. He MUST [/b]go to China and England and Yankee not just for medical checkups and treatments, but also to sign his "people's" slave documents in those countries.

This is why he gets military parades, standing ovation from German chancellor, international support from the West, and the almost rapid support during last election because Oyibo and Chinko saw another opportunity to steal from and destroy African people for a record thousandth time.

[b]Sai Buhari.....looking to borrow like a beggar

rapistomenka:
The hullabaloo of Naira-Yuan has fizzled out without any benefit to Nigerian masses


Now what will be our reward for this $50bn dollars from China

Part of the reward is that the PIB may never see the light of day.

With the way this government is heading they wouldn't know what to do with even $100b loan cos policy somersaults and confusion is in their DNA.

ayzTIGER:
How can they borrow after claiming they recovered trillions from looters. Lies can only cause more lies, only the truth can set APC free

Nigerian youths of nowadays are dull brained. It is now a national issue. The educational system is now so inferior that simple exertion to find out facts is lacking.

These are project targeted loans to develop oil and gas reserves ( I hope offshore anyway ) . The projects pay off themselves in just two and a half years. Actually with Dangote and other refinery expansions in 2027 and the new gas prices coupled with targeted power of 40000MW maybe the projects pay off even before then. Nigeria can then expect a production level of close to 4 million barrels per day which can have such a multiplier effect on the economy that it grows GDP to1 trillion dollars as early as 2031

Every government must think of its youth, it's future but from what I am reading here the youths don't think of themselves. The money the FG has recovered is about 2 trillion including TSA. That is a far cry from what we need to develop infrastructure not to talk of our national business of oil and gas production.

Why borrow? Why not let these guys invest instead and let them manage their investment instead of the government doing what it knows it can't do properly, which is managing public assets.
Also, why not wait till the proper institutions and legislation is put in place so that these billion dollar investments wouldn't be put to risk.

The problem here is that, some idiots will still loot the borrowed funds. They better not borrow

Sweetguy25:
Why borrow? Why not let these guys invest instead and let them manage their investment instead of the government doing what it knows it can't do properly, which is managing public assets.
Also, why not wait till the proper institutions and legislation is put in place so that these billion dollar investments wouldn't be put to risk.

This is a better and simple way of thinking compared to the nonsense post before yours

Sweetguy25:
Why borrow? Why not let these guys invest instead and let them manage their investment instead of the government doing what it knows it can't do properly, which is managing public assets.
Also, why not wait till the proper institutions and legislation is put in place so that these billion dollar investments wouldn't be put to risk.

I would prefer to own a business than for my banker to be a part owner. In any case I am sure China will tie in SinoPec in there some how. So it will be mostly loans but with SinoPec being a shareholder and receiver of equity crude. China needs oil like craze man need dirty.

Adminisher:


Nigerian youths of nowadays are dull brained. It is now a national issue. The educational system is now so inferior that simple exertion to find out facts is lacking.

These are project targeted loans to develop oil and gas reserves ( I hope offshore anyway ) . The projects pay off themselves in just two and a half years. Actually with Dangote and other refinery expansions in 2027 and the new gas prices coupled with targeted power of 40000MW maybe the projects pay off even before then. Nigeria can then expect a production level of close to 4 million barrels per day which can have such a multiplier effect on the economy that it grows GDP to1 trillion dollars as early as 2031

Every government must think of its youth, it's future but from what I am reading here the youths don't think of themselves. The money the FG has recovered is about 2 trillion including TSA. That is a far cry from what we need to develop infrastructure not to talk of our national business of oil and gas production.

Such postulations always sounds good on paper but with the way govt is being run in naija you can't blame sceptics.

How many megawatts has the APC govt added to the national grid as promised during electioneering campaigns The policy somersaults of this govt coupled with their volte-faces are enough for right-thinking Nigerians to lose faith in their capacity to lead our economy to buoyancy.

Kindly take a look at the mirror before calling others 'dull brained'.

China should mark where and what their money is bring spent on. That part of Nigeria enjoying these loans now will also bear the liability of its repayment after true federalism or Nigexit occur.

Adminisher:


Nigerian youths of nowadays are dull brained. It is now a national issue. The educational system is now so inferior that simple exertion to find out facts is lacking.

These are project targeted loans to develop oil and gas reserves ( I hope offshore anyway ) . The projects pay off themselves in just two and a half years. Actually with Dangote and other refinery expansions in 2027 and the new gas prices coupled with targeted power of 40000MW maybe the projects pay off even before then. Nigeria can then expect a production level of close to 4 million barrels per day which can have such a multiplier effect on the economy that it grows GDP to1 trillion dollars as early as 2031

Every government must think of its youth, it's future but from what I am reading here the youths don't think of themselves. The money the FG has recovered is about 2 trillion including TSA. That is a far cry from what we need to develop infrastructure not to talk of our national business of oil and gas production.

Don't you know Wailers are short sighted and dull as well?

As long as it is going into our infrastructural deficit in that sector, aye captain! $8.5b sealed already, even before the roadshow proper!

If we can get such input into our railways too, that will be great -- we'd be moving at the speed of light . . . over to you Amaechi.



Most commenters here have zero idea of what is happening, but they must 'sha' open their 'trap'.

Peeps who can decipher between drawing in investments to fill infrastructural deficit, and taking loans, but hey, they know everything already.

Adminisher:


Nigerian youths of nowadays are dull brained. It is now a national issue. The educational system is now so inferior that simple exertion to find out facts is lacking.

These are project targeted loans to develop oil and gas reserves ( I hope offshore anyway ) . The projects pay off themselves in just two and a half years. Actually with Dangote and other refinery expansions in 2027 and the new gas prices coupled with targeted power of 40000MW maybe the projects pay off even before then. Nigeria can then expect a production level of close to 4 million barrels per day which can have such a multiplier effect on the economy that it grows GDP to1 trillion dollars as early as 2031

Every government must think of its youth, it's future but from what I am reading here the youths don't think of themselves. The money the FG has recovered is about 2 trillion including TSA. That is a far cry from what we need to develop infrastructure not to talk of our national business of oil and gas production.

I hate when those who deem themselves knowledgeable become a product of gullibility, if Nigerian has two trillion naira from recovered loots, with revenue from crude and non-oil sector accounting for at least three trillion, meaning they will run a deficit of just one trillion... So, why do they need such amount of money, or are they operating another budget different from 2016?
Sir, you may need to convert $50 billion, even at N282 per Dollar, it gives you N14 trillion, l hope you know the implications, in terms of repayment plans, this time our debt service will hit 90%.
Don't you know every country has a debt ceiling, were is ours?

Secondly, l hope you understand the Nigeria in the 2015 budget serviced her debt with 21% of her entire budget, and now, we are faced with a life time mortgage.
You've not even bordered to ask the terms of the loan, yet you are praising Bubuya.

Adminisher:


Nigerian youths of nowadays are dull brained. It is now a national issue. The educational system is now so inferior that simple exertion to find out facts is lacking.

These are project targeted loans to develop oil and gas reserves ( I hope offshore anyway ) . The projects pay off themselves in just two and a half years. Actually with Dangote and other refinery expansions in 2027 and the new gas prices coupled with targeted power of 40000MW maybe the projects pay off even before then. Nigeria can then expect a production level of close to 4 million barrels per day which can have such a multiplier effect on the economy that it grows GDP to1 trillion dollars as early as 2031

Every government must think of its youth, it's future but from what I am reading here the youths don't think of themselves. The money the FG has recovered is about 2 trillion including TSA. That is a far cry from what we need to develop infrastructure not to talk of our national business of oil and gas production.

Another load of crap spiced with lies.

First of all, there is NO such thing as money recovered from TSA. Infact, there has been hardly any real monies legally recovered , except for the crooks that supposedly voluntarily returned loot.

Most importantly, every loan, no matter what intended purpose, is motivated by good intentions.

This is how Greece, Argentina, Brazil and Venezuela, not to mention Nigeria, before 1999, got themselves into DEBT slavery.

This government has is not only a government of conquest and occupation, but a government of debt slavery, as the young generation will realise in the next couple of years.

Adminisher:


Nigerian youths of nowadays are dull brained. It is now a national issue. The educational system is now so inferior that simple exertion to find out facts is lacking.

These are project targeted loans to develop oil and gas reserves ( I hope offshore anyway ) . The projects pay off themselves in just two and a half years. Actually with Dangote and other refinery expansions in 2027 and the new gas prices coupled with targeted power of 40000MW maybe the projects pay off even before then. Nigeria can then expect a production level of close to 4 million barrels per day which can have such a multiplier effect on the economy that it grows GDP to1 trillion dollars as early as 2031

Every government must think of its youth, it's future but from what I am reading here the youths don't think of themselves. The money the FG has recovered is about 2 trillion including TSA. That is a far cry from what we need to develop infrastructure not to talk of our national business of oil and gas production.

Thank u sir. .. I receive insults everyday here for saying things like this
My people (igbos) acuse me of being hausa or yoruba... it's very painful when so called educated u can't analysis their country situation and see the real problem..
We have a problem in this country bro

Its like they've sworn for this government

TheFreeOne:
$50b
Maybe it's high time we consider selling naija to china

hahahahhahahahahahhahahahhaahah i laugh in HAUSA...

[s]

mrvitalis:

Thank u sir. .. I receive insults everyday here for saying things like this
My people (igbos) acuse me of being hausa or yoruba... it's very painful when so called educated u can't analysis their country situation and see the real problem..
We have a problem in this country bro

[/s]

shatap who's your people

i dey feel your swag @op

Dem no even allow October to reach before deciding to take another loan .
I know someone will soon call me a prophet of doom . But the truth is buhari simply have no idea of what to do or what they are doing . They are still gambling and playing ludo dice game with Nigeria economy