More Jobs For Nigerians as 74 Chinese Companies Move to Invest in Nigeria’s Oil Industry
- About 74 Chinese companies have indicated interest to invest in Nigeria’s oil and gas industry
- The development following the agreement between Nigeria and China to boost investment via the Nigeria-China Relationship Agreement
- The NUPRC chief executive officer, Gbenga Komolafe, said the move indicates investors’ renewed interest in Nigeria’s oil and gas sector
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Over 70 Chinese firms have shown interest in investing in Nigeria’s oil and gas industry.
The companies are part of the 216 firms from the Asian country interested in investing in various sectors of Nigeria’s economy.
Source: Getty Images
About 216 Chinese firms to invest in Nigeria
The disclosure was by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday, March 10, 2025.
The House Committee Chairman on Nigeria-China Relationship, Jaafaru Yakubu, revealed this during a meeting with the NUPRC chief executive, Gbenga Komolafe.
He disclosed that the committee members were at the NUPRC to explain to the commission’s management of ongoing efforts by the Nigerian government to boost trade balance between Nigeria and China.
The committee chair disclosed that due to the recent Nigeria-China Relationship Agreement, about 216 Chinse firms showed interest in investing in Nigeria, out of which 74 opted for the oil and gas sector.
According to the statement, the 74 companies focused specifically on the oil and gas industry, showing a significant boost for the industry.
Nigeria signs deal with China to boost investment
Punch reports that the statement says one of the important initiatives driving the engagement is the upcoming Nigeria-China Summit, where key stakeholders will explore investment opportunities.
The NUPRC boss, Komolafe reaffirmed the commission’s commitment to boosting an investor-friendly atmosphere.
He said that as a technical and commercial regulator, the NUPRC is implementing policies and regulatory guidelines to continue to attract investments into Nigeria’s upstream sector.
Oil marketers move to crush monopoly
The development comes as the Petroleum Product Retail Outlets Owners Association of Nigeria (PETROAN) has committed to promoting competitiveness and controlling price volatility in the downstream petroleum sector.
The development comes amid wide consultations with critical stakeholders such as the Major Energy Marketers Association of Nigeria (MEMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and PETROAN.
The association stressed the need to establish frameworks encouraging price stability for about six months.
PETROAN revealed in a statement, urging the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) and other regulators to set up frameworks to stabilise petroleum product prices.
The marketers disclosed that the move would reduce investment risks, boost economic growth, and protect consumers' interests and Nigerians.
PETROAN moves to import petrol
The association advocated for multiple supply sources, including the Dangote Refinery, NNPC refineries, modular refineries and imports.
According to a Guardian report, PETROAN said the supply sources would enhance competition, especially imports, allow for price comparisons with international market prices and protect local supply chains.
PETROAN praised the NMDPRA and the Federal Competition and Consumer Protection Commission for promoting healthy competition, asking the regulators to remain vigilant and prevent unfair competition.
PETROAN says marketers are counting losses
It highlighted the need to encourage all local refineries to continue to produce to protect the economy, reduce dependence on imports, ensure job creation, and economic growth stimulation, improve energy security, and reduce vulnerability to international market volatility.
Source: Getty Images
The association highlighted reduced petroleum product prices by major players, saying it resulted in massive losses, with marketers counting huge losses in billions of naira.
It disclosed that the development poses fears of further divestment from the sector.
NNPC crashes petrol prices to compete with Dangote
Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPC) has reduced its pump price of petrol to N860 per litre.
The moves come as a price war between major marketers and independent petroleum dealers, and fluctuations in global oil prices rage on.
The new NNPC price became effective on Monday, March 3, 2025, marking an important reduction from the previous price of N920 per litre, relieving Nigerians grappling with high living costs.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
