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Nigeria Seeking  $50b
Energy

Nigeria Seeking $50b

Nigeria is seeking $40 billion to $50 billion in investment in oil projects as the OPEC producer said it raised crude output to as much as 1.9 million barrels a day as of two days ago. The African producer signed a potential deal for $8.5 billion of investment with China North Industries Group Corp., Nigerian State Minister for Petroleum Resources Emmanuel Ibe Kachikwu said in a Bloomberg television interview in Beijing on Monday. The country’s crude output should rise to 2.2 million barrels a day next month if repairs to a pipeline are completed, he said. “We’re looking to raise about $40 to $50 billion,” Kachikwu said. “Going to places like China, which have a huge capacity to put money in the oil sector, is very helpful.” Bottom of Form Low oil prices, which have fallen by more than half in the past two years, are forcing some of the world’s largest drillers to seek investment to maintain and expand output.

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