Nigeria has been declared as the strongest economy in Africa and the most profitable investment destination in the world.
Dr. Ibe Kachikwu, Minister of State for Petroleum, made the declaration in Atlanta at ‘The Nigerian Oil and Gas Core Strategic Investors’ Meeting’ to present oil and has investment opportunities in Nigeria to the United States’ investors.
The minister said Nigeria looked to the Diasporas of Africa to see where they could form permanent partnership that would invest in very critical areas in the country, where they could break even in three years.
“Infrastructure is key, the oil sector alone has infrastructure deficit of over 30 billion dollars to get us to where we should be.
Kachikwu said this was the first time Nigeria was creating the process of bringing the private sector to invest in refineries adding, the sector has taken over and broadened.
“The model is not to take the access from Nigerian National Petroleum Corporation but to make them understand that they have to put up or shut up in terms to getting there and getting the refineries work and be profitable.
“Or you hand it over to whoever it is that can run them efficiently. So we are bringing in close to about $3 billion private sector funds to work hand-in-hand with NNPC and their four refineries.
“Dangote is building about 625,000 barrels per day refineries, the Nigeria-Niger own is coming on with 100,000 barrels, AGIP is looking at 150,000 barrels, we have modular refineries.
“So for the first time, there is a massive opening up of space in refining because we must begin to refine.
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