– Governments of Nigeria and India have agreed on a $15billion transfer of funds to boost the West African country’s ailing economy

– The funds is payment for oil exports to India by Nigeria over a certain period of time

– The deal is expected to be completed by December 2016 and will see Nigeria get paid the billions of dollars even before it has supplied the products


The federal government of Nigeria is set to receive $15bn from the Indian government to help Nigeria solve liquidity issues causing the current economic recession.

Punch reports that according to minister of state for petroleum Ibe Kachikwu, the funds is not a loan or gift but payments for oil that Nigeria will later supply to the Asian country

He explained that the money is Nigeria’s earning from oil that it will sell to India over a period of time. The Indian government will however ‘help’ Nigeria by paying for the products upfront. India is one of the largest buyers of Nigeria’s oil.

Kachikwu, who gave details of how the deal would run, said it is a brilliant way of leveraging the country’s assets to get out of the recession.

“Nigeria has a bit of a cash flow problem right now. Our reserves are not as strong as we want them. The impact of that is the value of the naira is coming down.

“So, what we are trying is to leverage the assets we have to receive immediate cash,” Kachikwu told reporters.

A statement signed by the director, press, ministry of petroleum resources, Idang Alibi explained the terms of the deal thus: “Following this negotiation, the two countries have agreed to work on a Memorandum of Understanding to facilitate investments by India in the Nigerian oil and gas sector, and specifically in areas such as term contract, participation of Indian companies in the refining sector, oil and gas marketing, upstream ventures, the development of gas infrastructure and in the training of oil and gas personnel in Nigeria.

“The MoU is expected to be firmed up in December during Petrotech-2016. Both ministers also agreed to strengthen the existing cooperation in oil and gas sector, and in particular to explore investment opportunities for Indian public and private sector companies in Nigeria.”

Source:- https://www.naij.com/1012854-good-news-india-offers-nigeria-way-economic-recession-15bn.html

Ok

Turn to ur neighbor and say....


I must by banger this year

omophunky:
Turn to ur neighbor and say....


I must by banger this year

You no well

What a sinkhole called Nigeria! Buhari has recieved billions of dollars from several sources yet the country keeps going down with each passing day. Now the present is hopeless yet the future has been sold. Anybody that still believes that Nigeria will survive if the status qou remains the same, is sick.

proeast:
What a sinkhole called Nigeria! Buhari has recieved billions of dollars from several sources yet the country keeps going down with each passing day. Now the present is hopeless yet the future has been sold. Anybody that still believes that Nigeria will survive if the status qou remains the same, is sick.

Buhari till 2023 If na una brother they there una no go see anything wrong with him style of administration no matter how bad.

proeast:
What a sinkhole called Nigeria! Buhari has recieved billions of dollars from several sources yet the country keeps going down with each passing day. Now the present is hopeless yet the future has been sold. Anybody that still believes that Nigeria will survive if the status qou remains the same, is sick.

What meaningless post is this?