Morteza Rahimi, Iranian Ambassador to Nigeria on Tuesday said that his country was planning to invest in various key areas including the oil and gas as well as the power sector in Nigeria, Tehran Times reports.

Ambassador Rahimi disclosed this when he led a delegation on a visit to the Abuja Chamber of Commerce and Industry. The envoy said that the Islamic Republic of Iran and Nigeria had enormous resources which include oil and gas stressing that the country would want to invest in oil and gas byproducts. He believed that collaborations in the key areas of the economy and opening up investment opportunities in the sector could spur further growth between the two oil producing countries.

“Instead of us exporting only crude and getting petroleum in return, we could refine locally and also explore investment opportunities in other petroleum byproducts,” he said. He also added that he had recently discussed with Mohammed Barkindo, Nigerian representative in OPEC on this issue, adding that further progress would be made on it.