Dubai plans $16bn Nigeria spend
Dubai will invest most of the $16 billion planned in an infrastructure deal with Nigeria to develop oil and gas projects, an official with the Nigerian National Petroleum Company (NNPC) said.
The deal, signed last week, still needs to be hammered out, the unnamed official told the Wall Street Journal.
He added that it involved Dubai Natural Resources World teaming up with the state-run NNPC to bankroll new exploration projects and build at least 1000 megawatts of gas-fired power generation.
"This would be across-the-board energy-infrastructure projects. Dubai wants to help us do things that others [international oil companies] haven't been willing to do," the official said.
While Dubai would invest most of the money, Nigeria too could invest in the projects, he said.
Dubai Natural Resources World, a unit of state-owned investment company Dubai World, confirmed the agreement in a statement over the weekend.
The deal also envisages building new pipelines to distribute gas and possible investment in liquefied natural gas facilities, the official said.