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Nigeria to invest $500 million in oil sector

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Staff writer ▼ | July 28, 2014
At least $500 million will be invested in different projects of Nigeria's oil and gas sector in the next few years, a top government official has said.
Diezani Alison-Madueke
Africa oil   Minister Alison-Madueke announced new jobs
Minister of Petroleum Resources Diezani Alison-Madueke disclosed this in southeast oil rich city of Yenagoa in Bayelsa State during a visit to the Nigerian Content Development and Monitoring Board.

The projects are expected to generate 71,000 jobs, the minister told her audience, adding that over 200 million dollars would be invested in the pilot pipe mill project being developed at Polaku area of the state. The project, which is expected to be completed before the end of 2015 would create over 500 direct jobs and 10,000 indirect jobs, she said.

The minister said the project would also provide opportunities for the youths in the community to be trained abroad to enable them to work in the plant. Ms. Alison-Madueke also confirmed that the board's headquarters' building project would cost over 200 million dollars.

Ms. Alison-Madueke identified the Oil and Gas Industrial Park as another major development which will create opportunities for Nigerians, including Bayelsa indigenes. The minister said 100-million-dollar investment would be sunk into the project while infrastructure construction would commence later in 2014.