France Pledges to Invest Over One Billion Euros in Nigeria Oil and Gas Industry

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The French Government has set aside about one billion euros to be invested in the Nigeria Oil and Gas industry, stating that Nigeria remains her first economic trading partner in Africa.
France Ambassador to Nigeria, His Excellency, Denys Gauer, declared this when the Group General Manager, Group Public Affairs Division (GPAD) of the Nigerian National Petroleum Corporation (NNPC), Mr. Ndu Ughamadu, led a delegation to his office in Abuja.

The French Ambassador commended the Federal Government for stemming the Niger Delta insecurity situation noting that Total, a French multinational Oil and Gas Company, had significant investment equity in the Nigeria Liquefied Natural Gas Limited (NLNG) and Egina project.  

He, however, expressed concern that some other French companies were having challenges with the unclear Nigeria’s fiscal policies in the Oil and Gas sector revealing that some French investors were currently developing wind energy and solar energy in Katsina State.

Earlier, the Group General Manager, Group Public Affairs Division of NNPC, Mr. Ughamadu, said the Corporation under the current management led by the Group Managing Director, Dr. Maikanti Baru, was well positioned and open to investment opportunities from the French Government and investors. 

The GGM thanked the Ambassador for the warm reception accorded the NNPC delegation and assured him that with the leadership of the new NNPC management, the Corporation was determined to develop a robust business atmosphere for investors.

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