Petroleum Africa: Minister of State for Petroleum Resources, Dr. Ibe Kachikwu Speaks on Investment


While speaking to investors at an event organized in Houston by the Nigerian Content Development and Monitoring Board (NCDMB), Nigerian Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said the economic growth plan recently launched by the government would provide strategic and economic partnerships in excess of $50 billion.

Kachikwu said, “The Federal Government of Nigeria has launched a National Economic and Growth Plan for the next four years. This is anchored on the Nigeria Oil and Gas Roadmap among other sectoral roadmaps. This roadmap presents exciting opportunities for financial and strategic partnerships in excess of $50 billion.”

According to the Minister, an estimated $13-$17 billion will be funneled into the upstream for the development of gas assets. Kachikwu said that these assets total about 34.7 Tcf.

The downstream sector will be on the receiving end also with $14-$17 billion going towards the development of the Trans Nigeria gas pipeline project, the gas revolution industrial park at Ogidigben, and three power plants. These power plants are expected to add an additional 3.2 GW of capacity to the country’s power sector.

Refining, and more specifically, modular refineries will benefit from the funds. Kachikwu said that up to $5 billion will be invested in licensing and establishment of modular refineries, and rehabilitating/upgrading three refineries. LPG and CNG plants will also be established with some of the funds.