France to invest €1bn in Nigeria’s oil and gas industry

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The French government has reportedly set aside about one billion Euros for investment in the oil and gas industry.

Denys Gauer, France ambassador to Nigeria, made this known when Ndu Ughamadu, group general manager, group public affairs division of the Nigerian National Petroleum Corporation (NNPC), led a delegation to his office in Abuja on Tuesday.

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According to a statement released by NNPC, France described Nigeria as its first economic trading partner in Africa.

Ughamadu said the ambassador commended the effort made to keep the Niger Delta insecurity challenge at bay, noting that Total, a French multinational oil and gas company, had significant investment equity in the Nigeria Liquefied Natural Gas Limited (NLNG).

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Gauer also expressed concern that some French companies were having challenges with the “unclear” fiscal policies in the oil and gas sector.

He added that some French investors were currently developing wind energy and solar energy in Katsina.

Ughamadu said the significant scale down in pipeline vandalism and insecurity which has boosted oil production, would allow global investors such as the French government consider renewable energy, gas and power infrastructural development, pipeline construction, storage facility and the direct sales and direct purchase of Nigeria crude oil grades.

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He said the NNPC had global operations and called for closer collaboration between the French government and the corporation especially in the area of consular services to allow NNPC top executives and staff meet their global engagements.

 

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