Nigeria is seeking $40 billion to $50 billion in investment in oil projects just as it said it raised crude output to as much as 1.9 million barrels a day as of two days ago.
According to Bloomberg reports, Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu said in a Bloomberg television interview in Beijing on Monday that Nigeria had signed a potential deal for $8.5 billion of investment with China North Industries Group Corp.
He added that the country’s crude output should rise to 2.2 million barrels a day next month if repairs to a pipeline are completed.
“We’re looking to raise about $40 to $50 billion,” Kachikwu said. “Going to places like China, which have a huge capacity to put money in the oil sector, is very helpful” he added.
Militant attacks earlier this year reduced Nigeria’s oil production to 1.3 million barrels from 2.2 million a day, and output was between 1.8 million and 1.9 million as of two days ago, Kachikwu said. He also added that crude prices may end the year between $50 and $55.
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