Nigeria has signed oil and gas infrastructure agreements worth $80billion with Chinese companies.
The move comes amid turmoil in the country as it fends of attacks on oil bases from the militant group, the Niger Delta Avengers.
Nigeria’s income relies on crude sales for about 70% of its national income.
Oil minister Emmanuel Ibe Kachikwu, who also heads the Nigerian National Petroleum Corporation (NNPC), has been in China since Sunday for a roadshow aimed at raising investment.
The NNPC said in a statement: “Memorandum of understandings (MoUs) worth over $80 billion to be spent on investments in oil and gas infrastructure, pipelines, refineries, power, facility refurbishments and upstream have been signed with Chinese companies.”
Goldman Sachs, in a report published on Wednesday, said a “normalization” in Nigerian oil production would put pressure on global oil prices and may mean prices will average less than $50 a barrel during the second half of 2016.