The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu is currently in China looking for a way to raise about $50 billion to upgrade and build new oil and gas infrastructure in Nigeria.
Speaking about the plan, Kachikwu, in an interview he granted to Bloomberg yesterday, said he was in the country to attract investments that would help Nigeria bridge the infrastructure gap in her upstream; midstream and downstream petroleum sectors.
According to a report by ThisDay, Kachikwu said he had signed a “potential investment” upstream deal worth $8.5 billion with China North Industries Corporation (NORINCO).