Nigeria is advancing a $25 billion undersea gas pipeline project designed to deliver gas to Europe.
This announcement was made during a meeting on Monday at the Presidential Villa, Abuja, between Vice President Kashim Shettima and representatives of the Vitol Group.
The initiative, known as the Nigeria-Morocco Gas Pipeline, will transport Nigerian gas to Morocco and then onward to Europe via the West African coast.
Vice President Shettima highlighted that President Bola Tinubu’s economic reforms have made Nigeria a top investment destination, particularly in the energy sector.
“In the last 25 years, we have not seen a leader with the courage to make bold decisions as President Tinubu has, including removing fuel subsidies, unifying exchange rates, and implementing tax reforms,” he stated.
The Vice President called on global investors to support Nigeria’s energy ambitions, emphasizing that the country is on a new path of growth.
He described Nigeria’s gas sector as a model of stability and transparency during uncertain times globally.
“I encourage you to join our national energy transition efforts. Your expertise in Liquefied Natural Gas (LNG) and Associated Petroleum Gas (APG) is crucial,” he said.
“The world is shifting, and Nigeria is fundamentally a gas economy, not an oil one. With the world’s eighth-largest gas reserves, we aim to unlock this potential due to the sector’s transparency and stability.
“Nigeria Liquefied Natural Gas Limited (NLNG) operates with minimal government interference, providing predictable output. This reliability is why we are seriously exploring exporting our gas to Europe.
“The project is costly, requiring about $25 billion and significant technical know-how. We need your technical expertise more than funding. Stable gas supply is vital, which is why we are considering an undersea pipeline.
“We appeal to you to leverage your influence, networks, and goodwill to raise resources for this transparent project management. We invite you to be part of this initiative,” Shettima added.
Earlier, Vitol Group’s Chief Financial Officer, Jeffrey Dellapina, affirmed the company’s long-term commitment to Nigeria.
“Nigeria has been a key partner for Vitol for many years. We have engaged in various sectors including downstream, financing, trading, and government support,” he said.
“We want to reaffirm our commitment and readiness to invest capital whenever necessary. Vitol aims to continue its growth and partnership in Nigeria.”
Additionally, Vitol’s Head of Public Affairs, Murtala Baloni, highlighted the strong business relationship between the company, Nigerian firms, and the government.
“We support government initiatives through capital deployment. For instance, during the COVID-19 pandemic, we contributed $300 million to Project Gazelle, a crude oil-backed forward-sale finance facility by NNPC Limited,” he noted.
