Now it's official, the Nigeria will repay the debts accumulated over the years towards oil production joint ventures, among which Eni and FederPetroli stand out.
The Minister of Petroleum, Emmanuel Ibe Kachikwu, said last month that $5.1 billion would be paid to creditors, $1.7 billion short of the total amount owed.
In return, thanks to the agreement reached between the African country and the various joint ventures, new investments will be unlocked for the OPEC member country. In recent years Nigeria has faced numerous difficulties in settling accounts with the visa majors sharp drop in crude oil prices, in addition to having registered a drop from peak production to 2,2 million bpd last October in the wake of persistent militant attacks on pipelines in the Niger Delta. The country's output is around 1,8 million barrels. Furthermore, oil refineries are still working at 23% of their total capacity and the country's production is not sufficient to satisfy the same national demand.
The primary objectives of the Nigerian economy for the coming year are: to secure lasting peace in the Niger Delta, obtain foreign financing for the oil sector and improve the national refining infrastructure.
