Africa (Commonwealth Union) _ Nigeria has initiated a groundbreaking $25 billion deep-sea gas pipeline enterprise whose purpose is to provide Europe with natural gas and, in this way, to secure energy worldwide. All the while, the gas pipeline is the estimate of the Nigeria-Morocco Gas Pipeline in West Africa, crossing it from the Nigerian shores, through Morocco, and, thus, supplying the European market, and the gas that comes along.
The executive details of this bold initiative were presented by the Nigerian Vice President Kashim Shettima during a direct encounter at the Presidential Villa in Abuja, where Vitol Group, one of the corporations in the energy world, had planned a high-profile meeting. In particular, Shettima called attention to the recent economic policies of the current Nigerian leader, Bola Tinubu, as they changed the international community’s perception of Nigeria and positively impacted energy investments.
It was recalled by the Vice President that the most recent economic reforms that President Bola Tinubu implemented have repositioned Nigeria, and, as such, the country has started to attract more foreign investments, particularly in the energy sector. “For the first time in over two decades, we have a leader with the boldness to make transformative decisions—removing fuel subsidies, harmonizing exchange rates, and pushing forward tax reforms,” he noted.
Vice President Shettima highlighted the fact that Nigeria has the eighth largest gas reserve globally, and he also observed that Nigeria’s energy future lies in gas rather than oil. He appealed to the interested parties to support Nigeria’s energy transition, particularly in the LNG and APG segments.
This capital-intensive and very specialized underwater project is not a financial necessity but a technical challenge as well. Besides money, we need global partners to support the project with their technical capabilities and influence. A promise of a clear governance structure was also made by Shettima to Vitol’s leadership.
Vitol Group CFO Jeffrey Dellapina confirmed that Nigeria has always been an essential part of the company and that they have the potential to strengthen this relationship. “Nigeria has always been a major country for us, Vitol. My promise is to never let my commitment to our projects, whether creating products or financing, diminish. We are not just for the immediate future,” he stated.
Murtala Baloni, Head of Public Affairs at Vitol, echoed these words and mentioned that the company’s $300 million donation to Project Gazelle, a crude financing initiative by NNPC Limited, was a clear sign of their sincere dedication to the cause during the COVID-19 crisis.
The move of the world to cleaner, more reliable energy sources is a clear indication that Nigeria’s decision to go this way with the transcontinental gas pipeline is a significant one.
