– Woos global investors
Mkpoikana Udoma
Port Harcourt — Nigeria is forging ahead with an ambitious $25 billion undersea gas pipeline to Morocco and Europe, as part of its strategic push to harness gas reserves and attract global investment into its energy sector.
Vice President Kashim Shettima disclosed the move during a meeting with executives of Vitol Group, the world’s largest independent commodity trader, at the Presidential Villa, Abuja.
Shettima said the Nigeria-Morocco Gas Pipeline Project reflects President Bola Tinubu’s bold economic direction and growing investor appeal.
He said, “This 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.
“We are seriously exploring the option of taking our gas to Europe. Gas supply stability counts, that’s why we’re considering an undersea gas pipeline.”
The Vice President described Nigeria’s gas sector as “a beacon of stability and transparency,” noting that the country has the world’s eighth-largest gas reserves and is shifting focus from oil to gas.
“Ours is actually a gas, not an oil economy. The Nigeria LNG has been largely insulated from government interference. What we are getting from NLNG is predictable. That’s the kind of environment investors can trust.”
Shettima praised President Tinubu’s bold economic reforms, including fuel subsidy removal, exchange rate unification, and tax policy changes, as steps that have repositioned Nigeria for global investment.
“In the past 25 years, we have not had a leader who has the courage to take far-reaching decisions as he has taken. He’s putting Nigeria on a new trajectory. This is where the action is, invest in Nigeria.”
He urged Vitol to bring its global reach and deep technical knowledge to bear on Nigeria’s gas infrastructure expansion.
“Use your influence, contacts, and goodwill to mobilise resources for this project. It will be a completely transparent management structure.”
In response, Vitol’s Chief Financial Officer, Jeffrey Dellapina, affirmed the company’s commitment to Nigeria, saying, “This has been an incredibly close and important country for Vitol for a very long time. We want to stay in this country and evolve with you.”
Vitol’s Head of Public Affairs, Murtala Baloni, also highlighted the firm’s financial support for Nigeria, including the $300 million it committed to Project Gazelle, a crude-backed financing initiative by the Nigerian National Petroleum Company Limited, NNPC Ltd, during the COVID-19 crisis.
“We support the business of the government in ways that we can in the deployment of capital,” Baloni added.
Also in attendance was Vitol Group’s Nigeria Country Manager, Thomas de Montulé.
The Nigeria-Morocco Gas Pipeline, when completed, is expected to traverse several West African countries and link up with European markets, solidifying Nigeria’s role as a major gas supplier amid global energy transitions.
