Nigeria seeks $25 billion Nigeria-Morocco gas pipeline investment

Nigeria seeks $25 billion Nigeria-Morocco gas pipeline investment

Nigeria’s Vice-President Kashim Shettima announced that the country is actively pursuing a major $25 billion undersea gas pipeline project designed to transport natural gas from Nigeria along the West African coast to Europe via Morocco. This ambitious Nigeria-Morocco gas pipeline aims to bolster Nigeria’s position as a key gas supplier amid shifting global energy dynamics.

Shettima emphasized the significance of this project in the broader context of Nigeria’s evolving economic and energy landscape under President Tinubu’s leadership, highlighting bold reforms such as removing fuel subsidies, unifying exchange rates, and broad tax reforms. He invited investors to seize the opportunities presented by Nigeria’s transparent and stable gas sector, noting Nigeria’s vast gas reserves—ranked eighth largest globally—and the country’s transition from an oil-dependent to a gas-driven economy.

The vice-president stressed the importance of technical expertise over just financial investment, citing the complexity and scale of the undersea pipeline. He urged Vitol Group, the world’s largest independent commodity trader, to lend its expertise, global network, and resources to ensure the project’s success, pledging transparency in project management.

Representatives from Vitol reaffirmed their commitment to Nigeria’s energy sector, highlighting past collaborations and investments, including financial support during the COVID-19 pandemic through Project Gazelle. They expressed readiness to deepen their involvement and support Nigeria’s infrastructure ambitions.

Overall, the article portrays Nigeria’s gas pipeline project as a strategic move to integrate into global energy markets, attract foreign investment, and leverage the country’s substantial gas resources under progressive economic reforms.