30 January 2012, Sweetcrude, ABUJA – Vulcan Energy Corporation plans to invest $3.8 billion (N620 billion) in Nigeria’s oil and natural gas industry within a year, the Nigerian Trade and Investment Ministry have said.
The ministry said in a statement, Monday that the China Petroleum and Chemical Corporation or Sinopec, and California-based Torch Petroleum Incorporated also plan to invest N155 billion each in Nigeria’s oil and gas industry.
The government has “begun collaboration with the various companies to ensure that the investments are executed within the time-frame given, especially by ensuring that there are no bottlenecks in the way of smooth business for the operators,”Olusegun Aganga, the trade and investment minister said.
Aganga also d more than 20 companies including US-based GE Corporation and Maire Tecnimont SpA have proposed to invest N4.9 trillion in power, mining, health and transport industries of sub-Saharan Africa’s second-biggest economy within four years.
“The commitments have been on a win-win basis,” Aganga said.
Nigeria, Africa’s largest oil producer, plans to boost foreign investment in industries by making it easier to do business in the country.
The government is focusing on changes that can improve the investment climate and on the overhaul of industries.
