Oct 19 (Lagos) - Nigeria has sealed a USD 15 billion Oil and Gas investment deal with Nigeria. India would make an upfront payment for crude purchase to Nigeria to be repaid on the basis of firm term crude contracts over some years.
The deal will also allow Indian public sector Companies to collaborate in the Nigerian refining sector as well as exploration and production activities on a government to government basis.
The deal includes contracts to Nigeria to supply crude oil to Indian public sector Companies on a long term basis.
India is the fastest growing economy in the world right now and this deal could help Nigeria come out of a recession and get back on the growth trajectory. It could be achieved quickly if the leadership in Nigeria is able to execute its plans. It has already happened in India since Prime Minister Modi won elections in 2014 by a landslide and has been successful in cutting down corruption and attracting global investments into India.
This deal is good for both India and Nigeria as it assures Indian public sector companies that are gigantic in size of long term crude supply at a predetermined price and it helps Nigerian government raise billions of Dollars to start coming out of recession.
reporting for easykobo.com on Wednesday, October 19 2016 from Lagos, Nigeria