Nigeria’s oil sector gets €1b from France

Titilayo Ipinjolu

France has earmarked about one billion Euros to be invested in the Nigerian Oil and Gas industry.

The French Ambassador to Nigeria, Mr. Denys Gauer, said Nigeria remained the country’s first economic trading partner in Africa.

He was speaking when the Group General Manager, Group Public Affairs Division of the Nigerian National Petroleum Corporation (NNPC), Mr. Ndu Ughamadu, led a delegation to his office in Abuja.

“French Development Agency has put in place about one billion Euros to encourage French investors to invest in the Nigeria Oil and Gas sector,’’ Mr Gauer stated.

Boko Haram fight
According to him, “the French government is also cooperating with the Nigerian Government in the fight against Boko Haram insurgency.’’
Mr. Gauer commended the Nigerian Government for stemming insecurity in the Niger Delta, stressing that Total, French multinational Oil and Gas Company, had significant investment equity in the Nigeria Liquefied Natural Gas Limited (NLNG) and Egina project.

He, however, expressed concern that some other French companies were having challenges with the unclear Nigeria’s fiscal policies in the Oil and Gas sector.

Mr. Ndu Ughamadu said that the Corporation led by the Group Managing Director, Dr. Maikanti Baru was well positioned and opened to investment opportunities from the French Government and investors.

He said that, with the significant scale down in pipeline vandalism and insecurity, global investors can now invest in renewable energy, gas and power infrastructure development, pipeline construction, storage facility and the direct sales and direct purchase of Nigeria crude oil grades.

Mr. Ughamadu stressed that the NNPC as the state owned oil and gas Corporation had global operations.

The NNPC Spokesman called for closer collaboration between the French Government and the Corporation especially in the area of consular services to enable top executives and staff meet their global engagements.

He commended the ambassador for the warm reception accorded the NNPC delegation and assured him that with the leadership of the new NNPC management, the Corporation was determined to develop a robust business atmosphere for investors.

Mercy Chukwudiebere