Nigerian oil bill aimed at long-term investors

Last June, Nigerian President Goodluck Jonathan visited Beijing and met Chinese President Xi Jinping, striking a deal in which China agreed to support Nigeria with a $1.1 billion low-interest loan to help build its infrastructure.

In September Nigeria signed a deal with Chinese companies to build a $1.3 billion power plant, helping to end chronic electricity shortages. The largest oil producer in Africa still produces only a few hours of electricity a day.

Alison-Madueke calls deals like these "critical partnerships".

"Nigeria-China relations, from the economic point of view, have been steadily progressing over the last five, 10 years or so," says the minister, adding that the two countries now have the unique opportunity to move more rapidly in terms of partnerships and investments in the oil and gas industry.

"In terms of our economic partnerships, we've handled them quite well with equity and balance on both sides."

As the new bill reforms Nigeria's oil and gas industry, the minister believes more opportunities will be presented to Chinese investors in areas such as refining and setting up fertilizer, methanol and petrochemical plants which could help Nigeria convert some of its natural gas reserves into high-value products, for example, plastics.

'The scope of opportunities for Chinese investors in the Nigerian oil and gas industry is plenty at this point in time," says Alison-Madueke.