France to invest £1 billion in Nigeria

The Nigerian National Petroleum Corporation,

yesterday, stated that France, through the

French Development Agency, has set aside

one billion euros to be invested in the Nigerian

Oil and Gas industry.

According to a statement by the NNPC,

France Ambassador to Nigeria, His Excellency,

Denys Gauer, made this known when the

Group General Manager, Group Public Affairs

Division of the NNPC, Mr. Ndu Ughamadu, led

a delegation to his office in Abuja.
Gauer stated that the fund was aimed at

encouraging French investors to invest in the

Nigeria Oil and Gas sector, especially in the

light of the fact that Nigeria remains her first

economic trading partner in Africa.

He also stated that in spite of the concerns

expressed by some French companies who

were having challenges with the unclear

Nigeria’s fiscal policies in the Oil and Gas

sector, some other French investors were

currently developing wind energy and solar

energy in Katsina State.

The French Ambassador commended the

Federal Government for stemming the Niger

Delta insecurity situation, noting that Total, a

French multinational oil and gas company, had

significant investment equity in the Nigeria

Liquefied Natural Gas Limited (NLNG) and

Egina project.

He added that the French government is also

cooperating with the Federal Government in

the fight against Boko Haram insurgency.

In his own remarks, Ughamadu, said the

NNPC, under the current management led by

the Group Managing Director, Mr. Maikanti

Baru, was well positioned and open to

investment opportunities from the French

Government and investors.

He noted that 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 direct purchase of Nigeria crude oil


He said the NNPC as the state owned oil and

gas Corporation had global operations and

called for closer collaboration between the

French Government and the Corporation

especially in the area of consular services in

order to enable NNPC top executives and staff

meet their global engagements.

He thanked 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.

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