A Review of the Nigerian Energy Industry

Nigeria, Norway trade volume close to $40bn

…Over 50 Norwegian firms active in Nigeria’s energy sector

OpeOluwani Akintayo, with agency report

19 May 2018, Sweetcrude, Lagos – The trade volume between Nigeria and Norway is between 30 and 40 billion dollars, according to the Norwegian ambassador to Nigeria, Jen-Peter Kjemprud.

Describing the relationship between both countries, Kjemprud, in an interview with the News Agency of Nigeria, NAN, in Abuja on Friday, said the relationship was cordial.

“The volume of trade between the two countries is so difficult to say because most of the trade is being done with multinational companies, but we estimate it to be between 30 and 40 billion dollars a year,” he said.

According to him, the relationship between Nigeria and Norway dated back to 1880s.

“Norway started to export fish to Nigeria in the 1880s and 1890; the relationship was cordial until independence.

“However, from the last ten or 20 years, it has grown substantially both politically and economically”.

According to Kjemprud, more than 50 Norwegian companies are currently active in the Nigerian oil and gas sector, sub-sea, onshore, renewable energy and some of which is expanding.

Pledging to strengthen the relationship between the two countries, he promised to attract more investors from Norway to explore available opportunities in Nigeria, adding that there are more opportunities for Nigerians to do business in Norway.

He also said that the embassy was working closely with the Nigeria-Norwegian Chamber of Commerce to promote and expand businesses between the two countries.

“I think in the oil sector there could be more reciprocating in investment and cooperation.

“Only this week there is going to be a huge investment contract in the service sector to be signed in Nigeria with Singaporean and Norwegian companies,” he said.

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