Nigeria to invest $500m in oil sector

LAGOS, July 26 (Xinhua): At least US$500 million will be invested in different projects of Nigeria's oil and gas sector in the next few years, a top government official has said.

Minister of Petroleum Resources Diezani Alison-Madueke disclosed this on Thursday in southeast oil rich city of Yenagoa in Bayelsa State during a visit to the Nigerian Content Develop-ment and Monitoring Board.

The projects are expected to generate 71,000 jobs, the minister told her audience, adding that over $200 million would be invested in the pilot pipe mill project being developed at Polaku area of the state.

The project, which is expected to be completed before the end of 2015 would create over 500 direct jobs and 10,000 indirect jobs, she said.

The minister told her host that the project would also provide opportunities for the youths in the community to be trained abroad to enable them to work in the plant.

Alison-Madueke also confirmed that the board's headquarters' building project would cost over $200 million.