Vice President Kashim Shettima, says that the federal government of Nigeria is seeking $25bn investment for an undersea gas pipeline via Morocco to Europe.
Speaking during his meeting with Vitol Group at the Presidential Villa, in Abuja on Monday, Shettima said that the project would transport Nigerian gas to Morocco and onward to Europe through the West African coastline.
The Vice President noted that the Nigerian government’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, such as the removal of fuel subsidy, the unification of the multiple exchange rates and the tax reforms,” he said.
He appealed to global investors to key into Nigeria’s energy drive, stating that President Bola Tinubu 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, Shettima said.
“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 added.
Earlier, the leader of the delegation, Chief Financial Officer of Vitol Group, Jeffrey Dellapina, stated 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,” he said.
GIK/APA