The Nigerian National Petroleum Company (NNPC) on Friday signed an agreement to exit the Joint Venture Cash Call (JVC) with some international oil companies.
The agreement was signed at the Ministry of Petroleum Resources in Abuja between the Federal Government and Shell, Chevron, Agip, Total and Oando.
Nigeria owes an estimated 6.8 billion dollars accumulated over 14 years but got a discount of 1.7 billion dollars, leaving a debt of 5.1 billion dollars to be repaid.
The Minister of State for Petroleum, Dr. Ibe Kachikwu, who signed on behalf of the federal government, expressed joy that the pact would bring more investments into the country.
He said lots of work and political determination had gone into the nation’s exit from the JVC debt.
“If we continue to focus on things that haven’t worked in a long while, we’ll get this industry on its way to competing favorably with other counterparts.
“I challenge the oil companies to put their monies where their mouth is because they said once this is done investments would begin to come into the country.
“I must also appreciate President Muhammadu Buhari for supporting the effort and for his willingness to steer the cause,” Kachikwu said.
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