HomeIndustry SectorsFinance and Policy$16 billion deal for Nigerian energy sector

$16 billion deal for Nigerian energy sector

Sultan Ahmed bin Sulayem,
Dubai World Chairman &
Michael Kaase Aondoakaa,
San, Attorney General of the
Federation and Minister of
Justice for the Federal
Republic of Nigeria
21 January 2009 – The majority of a $16 billion investment in a planned infrastructure deal with Nigeria will be provided by an international company based in Dubai, an official close to the project revealed this week.  The project, to develop oil and natural-gas drilling projects and refurbish the dilapidated power sector in the West African country, still has many details which still need to be finalised, but the overall aim is to identify and finance new oil and gas drilling projects, and build a minimum 1 000MW gas fired power station.

The investment, which comes after ten years of planning, involves the Dubai Natural Resources World, part of investment company Dubai World, and Nigeria’s National Petroleum Company (NNPC).

"This would be across-the-board energy-infrastructure projects. Dubai wants to help us do things that others haven’t been willing to do," the official said.

Nigeria will also contribute funds to the project.

Items which need to be finalised include details on how Dubai World plans to finance the investments and ongoing militant violence in Nigeria oil and gas producing regions.