France to Invest €1bn in Nigeria’s Oil Sector
The French government has announced that
it has set aside about €1bn to be invested in Nigeria’s oil and gas
industry, and that Nigeria remains its first economic trading partner in
The France Ambassador to Nigeria, Denys
Gauer, announced this when the Group General Manager, Group Public
Affairs Division of the Nigerian National Petroleum Corporation, Mr. Ndu
Ughamadu, led a delegation to his office in Abuja.
Gauer said the French Development Agency
had put in place about €1bn to encourage investors from his country to
invest in the Nigeria oil and gas sector, adding that the French
government was also cooperating with the Federal Government in the fight
against Boko Haram insurgency.
He commended the Federal Government for
stemming the insecurity situation in the Niger Delta, noting that Total,
a French multinational oil and gas company, had significant investment
equity in the Nigeria Liquefied Natural Gas Limited and the Egina
Gauer, however, expressed concern that
some other French companies were having challenges with the unclear
fiscal policies in the oil and gas sector in Nigeria.
He revealed that some French investors were currently developing wind and solar energy in Katsina State.
Earlier in his address, Ughamadu said
the NNPC was well positioned and opened to investment opportunities from
the French government and investors.
He noted that with the significant scale
down in pipeline vandalism and insecurity, which had boosted oil
production, global investors such as the French government could now
invest in renewable energy, gas and power infrastructure development,
pipeline construction, storage facility and the direct sales and direct
purchase of Nigeria’s crude oil grades.
Ughamadu said the NNPC, as the state
owned oil and gas corporation, had global operations and called for
closer collaboration between the French government and the corporation,
especially in the area of consular services in order to enable the NNPC
top executives and staff meet their global engagements.
He thanked the ambassador for the warm
reception accorded the NNPC delegation and assured him that the
corporation was determined to develop a robust business atmosphere for