LAGOS , Nigeria ( CNN ) -- Nigeria has set its sights on making multibillion-dollar oil deals with China amid peace moves with militants . Hundreds of militants have laid down their weapons in exchange for a pardon and a job . Lawmakers in the west African country -- one of the world 's top producers of oil -- are crafting new money-making changes for its state oil corporation , as officials negotiate multibillion-dollar oil deals with China . At the same time , the government is brokering peace with bandits whose attacks have cost the oil industry millions . Nigeria 's minister for state of petroleum , Odein Ajumogobia , talked this month about the developments . The changes aimed at the Nigerian National Petroleum Corporation will address allegations of corruption and mismanagement , he said . `` Some of the excesses we 've seen in the industry are as a result of the lack of regulation , '' Ajumogobia said . `` We are going to make sure that the petroleum directorate , for example , where the minister will reside , is going to be manned by professionals who understand the industry and have the experience . '' Nigeria welcomes China 's recent interest in investing in Nigeria 's oil industry , Ajumogobia added . The state-run China Daily reported in September that the China National Offshore Oil Corporation was negotiating with Nigeria over a $ 30 billion oil deal . The talks are part of China 's oil-buying binge this year . Its government-controlled oil companies have closed or floated a slew of deals all over the world , including billion-dollar deals with Russian oil company Rosneft and Brazil 's Petrobras . The Nigerian minister offered few details about negotiations with China . `` There is no deal yet , '' he said . `` We all know the appetite of the Chinese for energy -- a huge population and so on -- and they 're looking for oil and Nigeria has a lot of it . '' Oil bandits have plagued Nigeria for years , attacking pipelines and cutting production by over 1 million barrels of oil a day . But many of those attacks might end , thanks to a cease-fire with the militant group MEND , or the Movement for the Emancipation of the Niger Delta . The truce was negotiated in the summer and was extended in September . MEND has demanded a fairer distribution of oil wealth in the Niger Delta and wants oil revenue reinvested in the region , instead of enriching those whom the militants consider corrupt politicians . Last week , the group said it was calling off the truce , but there have not been renewed attacks . Nigeria hopes to leverage the fragile peace to reap big dollars from its oil industry , Ajumogobia said .
Nigeria aims to make huge oil deals with China and peace with militants . Comment: Chinese oil company negotiating with Nigeria over $ 30 billion oil deal , reports say .