Minister of State for Petroleum Resources, Emmanuel Kachikwu has disclosed that as a result of the fallout from the July Road show in China, where Nigeria signed a $75.6 billion Memorandum of Understanding (MoU) in investment in the oil sector, the Federal Government is expecting close to $4 billion loan facility from the Asian country.
He said the loan facilities for oil industry infrastructures is expected even as a 40-man Chinese investment team is expected to arrive the country at the end of this month.Kachikwu, who said his ministry briefed the Federal Executive Council (FEC) meeting on the outcome of the road show, told State House correspondents that the MOUs signed during the road show has a gestation period of about one year as both countries set up their teams on bilateral lines to look at specific areas of investment interests.
“It is still work in progress; we are having a team of over 40 Chinese, members of some of those bodies, about visiting Nigeria by the end of this month. We are also setting up a full inter-ministerial panel that will be deliberating with them for each of those sectoral investments.
“I will say that the target we had, while going to China, was to raise
$40 billion, which is the total cost of our infrastructure gap for the oil industry.
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