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France set aside €1 billion to invest in Nigeria oil and gas...

France set aside €1 billion to invest in Nigeria oil and gas industry

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The French Ambassador to Nigeria, Mr Denys Gauer has hinted his government has set aside about €1 billion (N358 billion) for strategic investments in Nigeria’s oil and gas industry and a quest to keep her as the first economic trading partner in Africa.

The information that was disclosed by the French Envoy during a visit by the Group General Manager, Group Public Affairs Division (GPAD) of the Nigerian National Petroleum Corporation (NNPC), Mr Ndu Ughamadu, led a delegation to his office in Abuja on Tuesday, June 27, 2017.

Mr Gauer said, “the French Development Agency (FDA) has put money in place to encourage French investors to invest in the Nigerian oil and gas sector.”

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Adding that the French government is also cooperating with the Federal Government in the fight against Boko Haram insurgency.

Furthermore, he pointed out that the peaceful environment in the Niger Delta is important to French interest in the country while stating that some French investors are currently developing the wind and solar energy in Katsina state.

Total, a French multinational Oil and Gas Company, had significant investment equity in the Nigeria Liquefied Natural Gas Limited (NLNG) and Egina project.

Mr Ughamadu also addressed the audience noting that the Corporation under the current management led by the Group Managing Director, Dr Maikanti Baru, is well positioned and open to investment opportunities from the French Government and investors.

“With the significant scale down in pipeline vandalism and insecurity which has boosted oil production, global investors such as the French Government can now invest in renewable energy, gas and power infrastructural development, pipeline construction, storage facility and the direct sales and purchase of Nigeria crude oil grades.”

Mr Ughamadu thanked the French Envoy for the warm reception given the NNPCdelegation while assuring him better business relationship and atmosphere with the new NNPC management.

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