Nigeria Pursues $25bn Deal for Undersea Gas Pipeline to Europe — VP Shettima
Vice President Kashim Shettima says Nigeria is actively seeking a $25 billion investment to fund the Nigeria-Morocco gas pipeline project, aimed at supplying gas to Europe.
Speaking at the presidential villa in Abuja on Monday during a meeting with top executives of Vitol Group, an independent commodity trading company, Shettima described the pipeline as an “expensive venture” requiring significant capital and technical input.
“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,” Shettima said.
Highlighting the transparency and stability of Nigeria’s gas sector, he noted that the Nigeria Liquefied Natural Gas Limited (NLNG) has remained largely free of 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,” he added.
Shettima described the country’s energy sector as a promising investment hub: “We have the eighth-largest gas reserve in the world. We want to harness the potential in the gas sector fundamentally because of the stability and transparency in that arena.”
He encouraged Vitol to participate in the gas export initiative: “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.”
Jeffrey Dellapina, CFO of Vitol Group, affirmed the company’s long-term commitment to Nigeria: “We want to stay in this country and evolve with you.
