Niger And China Seal $400 Million Crude Oil Deal

Niger And China Seal $400 Million Crude Oil Deal
According to multiple reports, Niger and China seal $400 million crude oil deal as at April 14, 2024. This deal will enrich the economic situation in Niger.
Niger has signed a $400 million memorandum of understanding with China National Petroleum Corp (CNPC), a state-owned oil behemoth, for the sale of crude oil from its Agadem field.
Key Highlights
- Niger has signed a $400 million memorandum of understanding with China National Petroleum Corp (CNPC.)
- On the other hand, there is rising fear that China may be preparing to create a second military post in Africa.
- Niger’s government has harbored anti-Western attitudes as it seeks to establish its type of government.
RTN, Niger’s official television, announced the development, but provided no other details regarding the deal.
“China is a great friend to Niger; we can never say it enough,” Prime Minister and Minister of Economy and Finance Ali Mahaman Lamine Zeine remarked at the signing event, which was carried live on RTN.
“This signature demonstrates friendship… and fruitful cooperation between the two states,” Chinese ambassador Jiang Feng stated.
On the other hand, there is growing fear that China may be attempting to create a second military facility in Africa, while the US struggles to retain its military presence in Niger.
Economic Situation In Niger
The Republic of Niger had a coup d’état on July 26, 2023, when President Mohamed Bazoum was apprehended by the presidential guard.
Since then, Niger’s government has harbored anti-Western attitudes as it seeks to establish its type of government.
While recent political changes have prompted concerns about Niger’s stability and governance, they have not slowed the country’s economic growth.
In an intriguing change of events, Niger now leads the list of African countries with the fastest-growing economy in 2024. Senegal follows closely with 8.2%, according to the African Development Bank (AfDB).
The Niger-Benin pipeline, with a capacity of 110,000 barrels per day (b/d), was recently constructed and is expected to increase Niger’s petroleum production by fivefold, transforming the country into a significant exporter.
People have stated that Niger’s troubles have prompted increased efforts to address root causes and develop the country. Its fanatical leadership and availability to valuable commodities such as uranium, coal, and gold point to a potentially strong economy.
READ ALSO: History Made – Xabi Alonso’s Bayer Leverkusen Wins First Bundesliga Title