The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that Nigeria will soon close the deal on a $3 billion to $4 billion loan from China that will be channelled towards the provision of infrastructure in the oil and gas sector.
Kachikwu disclosed this at the end of the Federal Executive Council (FEC) meeting held in the State House, Abuja wednesday, adding that the loan was a fallout of the July roadshow held by the petroleum ministry and the Nigerian National Petroleum Corporation (NNPC) in China.
Briefing State House reporters alongside the Ministers of Information and Culture, Lai Mohammed; Interior, Abdurahman Danbazzau; and Power, Works and Housing, Babatunde Fashola, Kachikwu also revealed that over 40 Chinese investors would be visiting Nigeria by the end of the month, explaining that the memoranda of understanding (MoUs) signed during the road show generally have a gestation period of about one year, as both countries set up their teams on a bilateral basis to look at specific areas of investment interests.
He said: “Generally, when you have a memorandum of understanding, the gestation period takes over a year, because after you get your MoUs signed you have to set up teams from both countries on a bilateral basis.
“Then begin to look specifically at the areas you pledged; what are the business incentives, the terms, and whether to invest.
“That is still work in progress, but we are having a team of over 40 Chinese investors, members of some of those bodies with which we signed MoUs that will be visiting Nigeria by the end of this month”, he said.
