{"id":11769,"date":"2016-10-05T19:12:32","date_gmt":"2016-10-05T19:12:32","guid":{"rendered":"http:\/\/newsroom247.com.ng\/?p=11769"},"modified":"2016-10-05T19:12:32","modified_gmt":"2016-10-05T19:12:32","slug":"4b-loan-facility-for-oil-industry-40-man-chinese-investors-expected-next-month-kachikwu","status":"publish","type":"post","link":"http:\/\/newsroom247.com.ng\/?p=11769","title":{"rendered":"$4b loan facility for oil industry: 40-man Chinese investors expected next month &#8211; Kachikwu"},"content":{"rendered":"<p><code><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- www.deltanewsroom.com --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/code><\/p>\n<p><strong><a href=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/08\/crude-oil.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-10621\" src=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/08\/crude-oil-300x174.jpg\" alt=\"crude-oil\" width=\"300\" height=\"174\" srcset=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/08\/crude-oil-300x174.jpg 300w, http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/08\/crude-oil.jpg 620w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>The minister of state for petroleum resources, Dr. Emmanuel Kachikwu\u00a0 has said Nigeria\u00a0is expecting a loan facility of close to\u00a0$4 billion\u00a0from China.<\/strong><\/p>\n<p>Speaking with state house correspondents after Wednesday\u2019s meeting of the federal executive council, Kachikwu said the loan, which will be used to bolster infrastructure in the oil industry, was one of the results of\u00a0the July road show in China, where Nigeria signed a $75.6bn Memorandum of Understanding in investments in the oil sector.<\/p>\n<p><code><iframe loading=\"lazy\" src=\"https:\/\/www.alternativeadvert.com\/show.php?z=30&amp;pl=10991&amp;ad_type=59&amp;rl=180\" width=\"300\" height=\"250\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/code><\/p>\n<p>He also said a 40-man Chinese investment team is scheduled to arrive the country at the end of the month, as part of long-term strategic collaborations between the two countries.<\/p>\n<p>\u201cThat is still work in progress; we are having a team of over 40 Chinese in\u00a0Nigeria by the end of this month. We are also setting up a full inter-ministerial panel that will be deliberating with them for each of those sectoral investments,\u201d\u00a0Kachikwu\u00a0said.<\/p>\n<p>\u201cI will say that the target we had while going to China was to raise\u00a0$40billion, which is the total cost of our infrastructural gap for the<br \/>\noil industry.<\/p>\n<p>\u201cWe raised about $75.6 billion, $69 billion of which was NNPC and government-related potential investments and loans, and the rest directly related to the private sector. If we get even 20 per cent of that, it will be a major achievement for us.<\/p>\n<p>\u201cI will say we have one-year period to work on this. We expect that\u00a0some will come earlier; there are some facility lines that are almost<br \/>\nreadily available \u2014 close to about $3 or $4 billion \u2014 but the investment\u00a0packages will take us time. This is different from the\u00a0pledges that were made when the president visited China, which was an\u00a0all African type front basis; this is completely separate.\u201d<\/p>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- www.deltanewsroom.com --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<p>Also speaking, Babatunde Fashola, minister of power, housing and urban development, updated journalists repairs on federal government roads, the ones that were on the priority list, and the acute funding challenge stalling most of the works.<\/p>\n<p>\u201cI think that we need to properly identify the nomenclature of some of these roads. The fact that the roads are in the FCT does not necessarily make them federal roads,\u201d he said.<\/p>\n<p>\u201cSecondly, the point also to make is that our ability to intervene is constrained by our budget. You cannot build a road without appropriation and authorisation for it.<\/p>\n<p>\u201cWhen we set out last year on assumption of office, I made it very clear what the liabilities that we had were; we had to deal with contracts valued in the region of about N2 trillion or N2.2 trillion that had been awarded before we came; there were debts owed to those contractors, there were liabilities to complete them in the region of about N1.5 trillion.<\/p>\n<p>\u201cNow, the budget that we have for the three ministries that I superintend are in the region of N400 plus billion but over N200 billion is dedicated to roads across the country. So that is the deficit that we have to deal and in making those choices, we then have to deal not with roads that necessarily bother us but roads that carry the heaviest traffic.\u201d<\/p>\n<p>Fashola explained that the first challenge was to deal with roads that evacuate the country\u2019s\u00a0energy needs, because without energy the nation would grind to a halt.<\/p>\n<p>\u201cThose roads evacuate energy from south to north, fuel in particular. Secondly, those roads that evacuate our nourishment and food supply \u2014\u00a0our millet, tomatoes and yam \u2014 from north to south.<\/p>\n<p>\u201cWe also have to ensure that the transportation business does not die. So when you are hearing Lagos-Ibadan [Expressway], it is not Lagos-Ibadan itself, it is Lagos-Ibadan as the arterial and critical support to keep the economies of this country going.<\/p>\n<p>\u201cThat is where importers from north or south, the bulk of imported cargo, come from \u2014\u00a0the Apapa and Tincan port. That is where fuel is largely discharged from the country from the tank farms in Apapa and discharged to the furthermost part of the country.<\/p>\n<p>\u201cSo we are in situation where we have to make choices and this is how a family makes choices: what gives the greatest good to the possible greatest number with the most limited resources?\u201d Source: TheCable<\/p>\n<p><code><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- www.deltanewsroom.com --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/code><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.alternativeadvert.com\/show.php?z=30&amp;pl=10991&amp;ad_type=59&amp;rl=180\" width=\"300\" height=\"250\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The minister of state for petroleum resources, Dr. Emmanuel Kachikwu\u00a0 has said Nigeria\u00a0is expecting a loan facility of close to\u00a0$4 billion\u00a0from China. Speaking with state house correspondents after Wednesday\u2019s meeting of the federal executive council, Kachikwu said the loan, which will be used to bolster infrastructure in the oil industry, was one of the results [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":10621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"ngg_post_thumbnail":0,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[1787,467,338],"class_list":["post-11769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-china","tag-emmanuel-kachikwu","tag-nnpc"],"jetpack_featured_media_url":"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/08\/crude-oil.jpg","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4oswh-33P","_links":{"self":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/11769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11769"}],"version-history":[{"count":1,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/11769\/revisions"}],"predecessor-version":[{"id":11770,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/11769\/revisions\/11770"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/media\/10621"}],"wp:attachment":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11769"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}