Nigeria is to invest $75 billion over the next five years in the oil and gas sector through joint venture partnership with oil companies and third party investment.

Minister of State for Petroleum, Odein Ajumogobia made this known in Saudi Arabia after the OPEC Ministerial Symposium.

The Minister said the new funding mechanism for exploration and production would ensure that the targeted $15 billion annual investment in the sector in the next five years is adequately met.

Ajumogobia reiterated President Yar’Adua’s great concern over the rising crude oil prices which he said may not be good for Nigeria and indeed the whole world in the long run.

He is not the only one who thinks that…