Nigerian Oil To Attract $48bn Investment

According to the Managing Director of the Nigerian National Petroleum Corporation (NNPC) Dr Maikanti Baru the petroleum sector is expected to attract over $48 billion in investment during the next seven years.

Dr Baru shared the projection at the Nigerian Oil and Gas Conference in Abuja this week.

"Currently, Nigeria is a leading oil and gas producer in Africa. The nation's energy outlook appears very positive even amidst the difficult operating and economic headwinds across the continent,” Dr Baru stated.

He added that Nigeria’s $48 billion share in investment represented almost a quarter of the total amount of capital expenditure being channelled into the sector across Africa, which is estimated to be worth $194 billion.

Dr Baru described the industry as an “essential building blocks for our economic growth.”