Nigeria's Oil Minister summoned

ABUJA (Reuters) – Nigeria’s parliament summoned the country’s oil minister on Tuesday to clarify details of oil and gas infrastructure agreements worth $80 billion with Chinese companies and a $15 billion deal with India.

Nigeria, which relies on crude sales for around 70 percent of its national income, is in recession for the first time in 25 years largely due to low global oil prices.

The country’s oil and gas infrastructure needs updating. Its four refineries have never reached full production due to poor maintenance, causing the OPEC member to rely on expensive imported fuel for 80 percent of its energy needs.

Oil Minister Emmanuel Ibe Kachikwu was in China in June for a roadshow aimed at raising investment. Nigeria’s state oil company said memorandums of understanding (MoUs) worth over $80 billion – to be spent on investments in energy infrastructure – were signed with Chinese companies. [nL8N19M2HO]

On a trip to India last month, Kachikwu said a $15 billion cash-for-oil pact with that country was likely to be signed by the end of this year.

The Senate, the upper house of parliament, passed a motion on “the need for a detailed explanation” of the deals and said Kachikwu would appear before a committee on petroleum upstream, gas and foreign affairs at a date to be arranged.

“The essence of the motion was to ensure transparency in a matter that involves future investment in the oil and gas sector of the country,” said Senate President Bukola Saraki.

 

 

(Writing by Alexis Akwagyiram; Editing by Tom Heneghan)

 

Related Content

Law Union & Rock enters TIA agreement with Kanuri LUR

Law Union and Rock say it has executed a transactional implementation agreement with Kanuri LUR which is a new investor for the acquisition of 100 per cent issued capital of the Company. As Insurance companies in Nigeria race Law Union and Rock towards recapitalisation, Ajibola Olayinka, Non-Executive Director at & Chairman of the Board of the Ad-hoc Committee on Recapitalisation joins CNBC Africa more.

Buhari seeks Senate’s approval for fresh loans

Nigeria’s President Muhammadu Buhari is seeking the House of Representatives approval for fresh external borrowings of about $5.513 billion. Amid current local and global economic realities, can Nigeria bear more debts? Winston Osuchukwu, Co-founder of Trans-Sahara Incorporated joins CNBC Africa for more.

The extent of the impact of COVID-19 on Kenyan manufacturing

A study has shown that COVID-19 has caused cash flow constraints for an estimated 79 per cent of manufacturers in Kenya resulting in reduction of casual labourers by 40 per cent and 17 per cent of the permanent workers. Job Wanjohi, Head of Policy at Kenya Association of Manufacturers joined CNBC Africa for more.

East African youth ready to step up in fight against Covid-19

Yesterday the findings of an East African Covid-19 Youth survey of over 400 young people from the region were released. The survey was conducted by youth leadership development program, YouLead in partnership with Restless Development and others; and among the findings it was revealed that at least 90 per cent of the participants would want to play an active role in their country’s response efforts if they were given the opportunity. CNBC Africa spoke to the Country Director of Restless Development Uganda, Catherine Rodgers and one of the participants in the survey, Patrick Karekezi for more.

Subscribe to our newsletter

Sign up for free newsletters and get more CNBC AFRICA delivered to your inbox

More from CNBC Africa

How COVID-19 impacts the health & well-being of children

Research shows that children have a lower rate of contracting the Coronavirus and bringing infections to the household. This should provide comfort to South African parents that are in two minds about sending their kids back to school next week, when physical teaching is set to resume. Epidemiologist, Dr Boshoff Steenekamp joins CNBC Africa for more.

Rebosis rolls out COVID-19 testing stations outside malls

Property Group Rebosis, has partnered with government to roll out testing stations for Covid-19 outside its shopping malls in Pretoria – South Africa’s capital. However, foot traffic into these malls is expected to have dived due to the virus lock-downs prevented non-essential stores from trading. Rebosis is yet to release its interim results. Rebosis CEO Sisa Ngebulana joins CNBC Africa for more.

Distell CEO: What the sale of alcohol under level 3 means for the industry

South Africans can look forward to popping their favourite bottle of bubbly or sipping on a glass of pinotage to warm up from the cold winter. That’s as alcohol sales, that were banned for over two months under the Covid-19 lock-down, will be lifted. Distell CEO Richard Rushton joins CNBC Africa for more.

This Rwandan publisher is creating buzz with new book App

After realising the challenges that come with publishing fellow African writers, home-grown publishing house, Imagine We Rwanda launched their very own mobile app, dubbed, Imagine Books. Fast forward 2 weeks and hundreds of titles have been purchased worldwide and the numbers are only going up. CNBC Africa spoke to the founder, Dominique Alonga for more.

Partner Content

VIVO CEO is a dynamic leader for this innovative global brand

May 2020 -- Six months ago the vision for vivo in South Africa was just beginning to...

Building Africa’s Biggest Digital Classroom

An enduring lesson learnt throughout our 175-year existence is that, while things rapidly change around us, the things that truly matter don’t!...

Trending Now

What Happens To Frequent Flyer Miles If An Airline Goes Bankrupt?

With U.S. passenger traffic down by 90%, airlines are desperate to fill seats and are offering big incentives to keep their most reliable customers loyal. But what happens to frequent flyer miles when almost no one is flying and can an airline loyalt

How The Medical Device Supply Chain Failed During Covid-19

More than three months into the coronavirus pandemic, health-care workers on the front-lines of the battle against Covid-19 say they still face shortages of personal protective equipment. The personal protective shortage was one of the early flashpoi

Tsogo Sun Hotels FY profits plunge, COVID-19 lock-downs weigh

Hospitality Group Tsogo Sun Hotels reported a 31 per cent plunge in full year headline earnings per share, with Covid-19 resulting in demand from international tourist retracting in the fourth quarter, due to global lock-downs.

Nampak swings into H1 loss, suffers R3bn impairment

Nampak swung to a half year loss of R2.4 billion as revenue plunged and it impaired its Angola and Nigeria assets by R3 billion, which is four times its market value. The also warned that future profits were in South Africa were at risk from the ban on alcohol sales due to Covid-19 lock-downs. Nampak CEO, Erik Smuts joins CNBC Africa for more.
- Advertisement -