Nigeria hopes to attract Chinese investors with new petroleum industry bill

January 3, 2014

As Nigeria's government prepares to carry out the Petroleum Industry Bill (PIB) that will give investors "long-term" investment prospects, the country, which is Africa's largest oil producer, should look into more cooperation in the oil and gas industry with emerging markets including China and India, according to a senior government official, China Daily reported on January 2.

All oil-producing countries, particularly those in Sub-Saharan Africa, will have to "re-assess their balance of their exports in oil and gas and should find more emerging export destinations", Deziani Alison-Madueke, Nigerian Minister of Petroleum Resources, told China Daily after the recent World in 2014 Summit in New York.

"China is already very much involved in the Nigeria oil and gas sector as it is in a number of other sectors in our economy, (so) what we expect to see over the next five years with the emergence of the Petroleum Industry Bill is that the scale of Chinese investment - which has been quite good - would increase rapidly," she said.

"China is one of the destinations that we are working with very stringently in terms of exports", said the minister, adding that Chinese investors should look to "up the ante" in Nigeria's oil and gas industry.

"The bill will ensure more transparency and accountability and will ensure that investors have much more of a long-term handle on their investment prospects," said the minister. She also noted that the bill will help boost investment.

Copyright: China Daily, 2014