About 74 Chinese companies have indicated interest in investing in Nigeria’s oil and gas sector.

These companies are part of the 216 companies from China that are interested in investing in various sectors of the country’s economy, according to a statement issued by the Nigerian Upstream Petroleum Regulatory Commission on Monday.

The Chairman of the House of Representatives Committee on Nigeria-China Relationship, Jaafaru Yakubu, disclosed this during a recent meeting with the Chief Executive of the NUPRC, Gbenga Komolafe.

Yakubu who led other members of the committee on the visit to the NUPRC, said they were at the commission to brief the management of NUPRC on the ongoing efforts by the Federal Government to enhance trade balance between Nigeria and China.

He revealed that following the recent signing of the Nigeria-China Relationship Agreement, 216 Chinese companies expressed interest in investing in Nigeria with 74 of them in the oil and gas industry.

“Yakubu revealed that following the recent signing of the Nigeria-China Relationship Agreement, a total of 216 Chinese companies have expressed interest in investing in Nigeria.

“Out of these, 74 companies are specifically focused on the oil and gas industry, signaling a major boost for the sector,” the statement disclosed.

It was stated that one of the key initiatives driving this engagement is the upcoming Nigeria-China Summit, where stakeholders from both countries will explore investment opportunities.

Speaking, the NUPRC boss, Komolafe, welcomed the committee and reaffirmed NUPRC’s commitment to fostering an investor-friendly environment.

Komolafe emphasised that as a technical and commercial regulator, the commission is implementing policies and regulatory frameworks that will continue to attract substantial investments into Nigeria’s upstream petroleum industry.