France okays over 1b Euros for Nigeria oli industry

      France is to invest about over one billion euros in Nigeria's oil and gas industry,its ambassador to Nigeria,Denys Bauer,has said.

      Gauer,who made this known when the group general manager,group public affairs Division,Nigerian national corperation (NNPC),Ndu Ughamadu,led a delegation to his office in Abuja,said Nigeria remains its first economic trading partner in Africa.

       The envoy said the French Development agency has put in place about one billion euros to encourage French investors to invest in the oil and gas sector,adding that French is also cooperating with federal government to fight against boko haram insurgency.

       He praised the federal government addressing the Niger delta situation, stating that total, a French multinational oil major,has significant investment in the Nigeria liquefied natural Gas limited (NLNG) and Egina projects.

       In a statement, ughamadu said Gauer  how ever expressed that some other French firms were having challenges with Nigeria's unclear fiscal policies in the oil and gas sector.

       He said some French investors were currently developing wind energy and solar energy in katsina state

       Ughamadu,said the NNPC under the current management led by the group managing director, Dr.Maikanti Baru,was well positioned and open to investment opportunities from French government and investors.

       He noted that with the significant scale down in pipeline vandalism and insecurity which has boosted oil production, global investors such as the French government can now invest in renewable energy, gas and power infrastructural development,pipeline construction, storage facility and the direct sales and direct purchase of Nigeria crude oil grades.

      He said the NNPC,as the state owned oil and gas firm,had global operations and called for closer collaboration between the French government and the oil firm especially in the area of consular services in other to enable NNPC top executives and workers meet their global engagements.