Nigeria: Chinese firms pledge $80bn

Minister of state for petroleum resources Ibe Kachikwu has signed memorandums of understanding (MoUs) with Chinese companies for over $80bn of new investment in the oil and gas industry over five years. The investments, signed during a three-day Nigerian investment roadshow in China, are expected to cover pipelines, refineries, gas and power, facility refurbishments and upstream financing.The deal underlines the extent of China’s interest in Nigeria’s oil and gas sector, but it is unclear how the projects will be financed.