Abuja Seeks Investors for $25 Billion Morocco-Nigeria Gas Pipeline Project
Doha – Nigeria's government is actively courting international investors for the $25 billion Nigeria-Morocco gas pipeline project, a key infrastructure initiative to supply natural gas to European markets.
According to Nigerian media, Vice President Kashim Shettima met with representatives from Vitol Group, the world's largest independent energy trader based in Switzerland, at the Presidential Villa in Abuja on Monday.
During the meeting, Shettima stressed President Bola Tinubu's commitment to economic reforms aimed at making Nigeria an attractive investment destination in the energy sector.
The vice president noted the president's 'courage to take far-reaching decisions,' including the removal of fuel subsidies, unification of multiple exchange rates, and implementation of tax reforms.
The ambitious pipeline project, which spans 5,660 kilometers, aims to deliver Nigerian gas through an undersea route along the West African coast to Morocco and eventually to European markets.
The infrastructure is designed to supply energy to approximately 400 million people across 13 African countries with an annual gas capacity between 15 and 30 billion cubic meters.
'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,' Shettima stated during the meeting. He added that Nigeria values Vitol's technical expertise as much as potential financial investment.
Shettima described Nigeria's gas sector as 'a beacon of stability and transparency' and noted the country possesses the eighth-largest gas reserves in the world. He urged Vitol to participate in Nigeria's energy transition program and leverage their dominance in the Liquefied Natural Gas (LNG) and Associated Petroleum Gas (APG) sub-sectors.
The gas pipeline tops President Tinubu's priorities
The project has been identified as a priority by President Tinubu's administration. Senator Jimoh Ibrahim announced this commitment during the executive session of the African Parliament Union in Casablanca last month.
According to Ibrahim, the project is expected to create thousands of jobs, boost industrial and digital development, and contribute to a sustainable energy future for participating countries.
Morocco's Energy Transition Minister Leila Benali confirmed in mid-May that feasibility and preliminary engineering studies have been completed and the optimal route determined.
'A special-purpose company is currently being established between Morocco and Nigeria to make the final investment decision by the end of the current year,' Benali told Morocco's Upper House.
The project has attracted major international interest. The United Arab Emirates (UAE), European Investment Bank, Islamic Development Bank, and OPEC Fund have agreed to contribute funding.
China's Jingye Steel Group has secured a contract to supply pipes for construction. The United States has also expressed interest in investing in the initiative, particularly given Nigeria's vast gas reserves.
The pipeline project originated during King Mohammed VI's state visit to Nigeria in December 2016. Though the Final Investment Decision was initially planned for 2023, it has been postponed to 2025, reflecting the project's complexity and scale.
Morocco will host 1,672 kilometers of the pipeline, which will pass through Nigeria, Benin, Togo, Ghana, Ivory Coast, Liberia, Sierra Leone, Guinea, Guinea-Bissau, Gambia, Senegal, and Mauritania before reaching Morocco.
The North African country has already launched a tender to develop national natural gas infrastructure connecting Nador port to Kenitra and Mohammedia, extending to Dakhla to link with the Africa-Atlantic Gas Pipeline.
Jeffrey Dellapina, Chief Financial Officer of Vitol Group, voiced his company's long-term commitment to Nigeria during the meeting with the vice president. 'This has been an incredibly close and important country for Vitol for a very long time,' Dellapina said, continuing that Vitol is 'committed to this country' and wants to 'evolve with you.'
Read also: Kano, Nigeria Seeks to Attract Multi-Billion-Dollar Energy Investment from Morocco Tags: Morocco-Nigerian pipeline project
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