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Nigeria targets $10 billion new oil, gas investments in five years

The Federal Government has set a target of attracting more than $10 billion of fresh investments in the oil and gas industry in the next five years, Minister of State for Petroleum Resources, Ibe Kachikwu, said on Tuesday.

The Minister was speaking in Abuja at the ongoing Nigerian Oil and Gas, NOG Conference on the theme: “Reforming and Repositioning the Oil and Gas Industry in Nigeria.’’

Mr. Kachikwu explained that the new investments would aim at addressing some of the challenges the industry was currently facing, covering pipelines development, refineries rehabilitation, gas and power infrastructure, facility refurbishment and upstream financing.

Source: Premium times