Nigeria – South Africa Sign MoU

As part of a concerted effort to further transform the Nigerian Petroleum Sector, the Federal Government and South Africa have signed a memorandum of understanding in the Oil and Gas sector to re-inforce and strengthen the existing win-win symbolic relationship between the two largest economies in Africa.

Speaking on the sidelines of the Nigeria and South Africa Business Forum in Cape Town, South Africa, the Minister of Petroleum Resources, Diezani Alison Madueke said the memorandum of understanding was aimed at boosting the volume of oil and gas trade between both countries. On the draft Petroleum Industry Bill PIB before the National Assembly, the Minister said the provision in the bill when passed into law would help to open up the spectrum for investors from all over the world.

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