OREANDA-NEWS. January 21, 2014. China has agreed to invest USD 1 billion to explore crude oil in Niger State in north-central Nigeria.

The state Commissioner for Mining and Mineral Resources, Alhaji Abubakar Jibreel, told journalists in Minna at a press briefing on the ministry’s activities in 2013 that the amount would also cover the cost of building a refinery in Baro, Agaie Local Government Area of the state.

He said the move was part of efforts to attract investors to explore its oil and gas potentials and that the company was among five foreign investors that had indicated interest in oil and gas exploration in the Bida Basin.

The commissioner clarified that the government had not entered into any Memorandum of Understanding with the Chinese firm because it wanted the state indigenes to be part of the investment.

According to him foreign investors were showing interest in the oil and gas deposits in the Bida basin thanks to the quality of crude oil discovered in the area.

Jibreel also said the crude oil deposit sample had been certified by internationally recognised laboratories outside Nigeria.