NIGERIA (Niger)- It was disclosed yesterday that a Chinese firm had agreed to invest N160 billion on oil exploration activities in Niger State.

This was revealed by the State Commissioner for Mining and Mineral Resources, Abubakar Jibreel, who added that the amount would cover the cost of building a refinery in Baro, Agaie Local Government Area of the state.

While speaking to journalist in Minna, Mr. Jibreel further said the move was part of efforts to attract investors to explore its oil and gas potentials, adding that the company was among five foreign investors that had indicated interest in oil and gas exploration in the Bida Basin.

The commissioner said government had not entered into any Memorandum of Understanding with the Chinese firm because it wanted the state indigenes to be part of the investment.

He also said that President Goodluck Jonathan had approved the state government’s letter on the oil and gas deposits in the Bida basin and had forwarded same to the Ministry of Petroleum Resources.

The commissioner said that the ministry would exceed its projected revenue target of N10 million due to the prospects of revenue from the oil investment. He expressed concern over the activities of illegal miners who he said, were operating without concern for their safety.