Nigeria: Indian mega-deal sought to alleviate forex pressures

The federal government has negotiated a $15bn investment with India, the Ministry of Petroleum Resources said on 17 October, although terms have still to be agreed. A memorandum of understanding fleshing out the preliminary agreement, which was signed in India by visiting minister of state for petroleum Emmanuel Ibe Kachikwu and is expected to be finalised by year-end, involves the Indian government making an upfront payment to Nigeria for crude purchases. Kachikwu said the deal was feasible as crude production was expected to rise to 2.2m b/d – its Organisation of the Petroleum Exporting Countries (Opec) quota