Nigeria is pursuing a $25 billion undersea gas pipeline project to supply gas to Europe.
This was disclosed during a meeting between Vice President Kashim Shettima and Vitol Group at the Presidential Villa, Abuja on Monday.
The project which is the Nigeria-Morocco Gas Pipeline aims to transport Nigerian gas to Morocco and onward to Europe through the West African coastline.
Vice President Shettima said President Bola Tinubu’s economic reforms have positioned Nigeria as a prime investment destination, especially in the energy sector.
“In the past 25 years, we have not had a leader who has the courage to take far-reaching decisions as he has taken—the removal of fuel subsidy, the unification of the multiple exchange rates, and the tax reforms,” he said.
The Vice President made a direct appeal to global investors to key into Nigeria’s energy drive, stating that the President is putting Nigeria on a new trajectory.
He described Nigeria’s gas sector as a beacon of stability and transparency amid global uncertainty.
“I will urge you to key into our nation’s energy transition programme. I want you to utilise your dominance in the Liquefied Natural Gas (LNG) and Associated Petroleum Gas (APG) sub-sectors.
“The world is changing, and ours is actually a gas and not an oil economy. We have the eighth-largest gas reserve in the world. We really want to harness the potential in the gas sector fundamentally because of the stability and transparency in that arena.
“The Nigeria Liquefied Natural Gas Limited (NLNG) has been largely insulated from government interference. What we are getting from the NLNG is so predictable. This is why we are seriously exploring the option of taking our gas to Europe.
“It is an expensive venture requiring about $25 billion, and of course, the technical expertise. We need you more for your technical expertise than for your money. Gas supply stability counts; that is why we are exploring the option of an undersea gas pipeline.
“We urge you to use your influence, contacts, and goodwill to mobilise resources for this project. It will be a completely transparent management structure. I will urge you to come on board with this project,” Shettima said.
Earlier, the leader of the delegation, Chief Financial Officer of Vitol Group, Jeffrey Dellapina, said that Vitol has a long-term commitment to Nigeria.
“This has been an incredibly close and important country for Vitol for a very long time. We have participated in a lot of things from the downstream, financing, trading, and government support when needed.”
“We do want to maintain an understanding that Vitol is committed, and we are always available to deploy capital when needed. We want to say that Vitol is committed to this country, and we want to stay in this country and evolve with you.”
Also, Vitol Group’s Head of Public Affairs, Murtala Baloni, noted that the company is currently enjoying a favourable business relationship with Nigerian companies and the government.
“We support the business of the government in ways that we can in the deployment of capital. We were one of the major funders of Project Gazelle, a crude oil-backed forward-sale finance facility by the Nigerian National Petroleum Company Limited (NNPC Limited), where we put in $300 million during the COVID-19 period,” he stated.
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