By Modupe Gbadeyanka
Minister of State for Petroleum, Mr Ibe Kachikwu, has disclosed that some Chinese investors have promised to invest about $70 billion in Nigeria.
Mr Kachikwu made this disclosure on Wednesday while addressing newsmen at the end of the Federal Executive Council (FEC) meeting in Abuja.
According to the Minister, the $70 billion would be invested in the oil and gas sector.
However, Mr Kachikwu noted that this was different from the deal sealed in China by President Muhammadu Buhari when he visited the Asian country in January 2016.
“This is completely separate,” Mr Kachikwu emphasised.
He said a 40-man business team from China would arrive Nigeria later in October.
“So, a lot more of work is still on the pipeline and how we would now crystallise this into actual investment, but we are encouraged by what we are receiving in terms of the distinction and the contacts.
“Hopefully by the end of the month when this 40-man team comes, we would be able to make substantial progress,” he said.
Adedapo Adesanya