Business

Nigeria expects $20bn foreign direct investments as oil projects get green light

Nigeria’s oil sector may see between $18 and $20 billion worth of investments as oil companies try to restart previously abandoned projects and quicken the pace on delayed projects due to improved terms, the head of a division of the state-oil firm has said.


Bala Wunti, head of Nigerian Petroleum Investment Company (NAPIMS) in remarks made at an oil conference in Abuja said projects like Agbami gas, and Exxonmobil’s Owowo field among others have seen renewed commitments from investors.


“We are significantly advancing on the Agbami gas project, which is bringing in a significant couple of billions of foreign direct investments.