Nigerian oil bill aimed at long-term investors

Africa's biggest oil producer seeks balance between its profits and benefits in emerging markets such as China

As Nigeria's government prepares to implement the Petroleum Industry Bill that will provide "long-term" investment prospects, the country, which is Africa's largest oil producer, should look for more cooperation in the oil and gas industry with emerging markets such as China and India, says a senior government official.

All oil-producing countries, particularly those in sub-Saharan Africa, will have to "re-assess their balance of their exports in oil and gas and should find more emerging export destinations", Deziani Alison-Madueke, the Nigerian minister of petroleum resources, told China Daily after the recent World in 2014 Summit in New York.