Nigeria seeks increased Chinese investment in oil and gas

Nigeria is actively seeking more investment from China, especially in oil, gas, and other areas. This comes as Nigeria looks to improve its economy and reduce an ongoing trade imbalance with China. Jaafaru Yakubu, who leads the House of Representatives Committee on Nigeria-China Relationship, announced on March 5 that these efforts could significantly benefit the Nigerian sector. Nigeria is pushing for more value-added exports rather than relying on raw materials. Although China has been importing oil from other countries like Russia, its interest in Nigeria is growing. The country is keen on infrastructure projects and tapping into Nigeria’s large market. Nigeria is also changing its oil industry. Until recently, it relied on foreign refined oil, despite being Africa's largest oil producer. The new Dangote oil refinery, owned by Africa’s richest man, Aliko Dangote, is set to change that. The refinery can process 650,000 barrels of oil daily. However, analysts say China is still not very reliant on Nigeria's oil because it prefers to buy from closer sources.