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Nigeria plans spending up to $ 20bn on oil sector
Nigeria plans to spend about $ 15 to $ 20 bn annually on oil exploration
and production, junior oil minister Odein Ajumogobia said.
The minister said this "aggressive production capacity expansion plan"
will put Nigeria in the forefront of investments in the Gulf of Guinea.
This region also comprises Angola, Cameroon, Gabon, Congo, Equatorial
Guinea and Sao Tome and Principe. In all, it has estimated oil reserves
of about 60 bn barrels.
Ajumogobia said Nigeria's crude oil reserves currently stand at about 35
bn barrels, putting the west African country in a good position to play
a critical role in global crude oil supplies. The minister said the
state-run oil company, NNPC, was being restructured for better
performance, adding that "this reform will address the challenge of
funding that has threatened the sector growth".
Nigeria is Africa's biggest oil producer, accounting for a daily output
of 2.1 mm barrels.
