Latest news with #Shettima
Morocco World
3 days ago
- Business
- Morocco World
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
Ya Biladi
3 days ago
- Business
- Ya Biladi
Abuja seeks investors for $25 billion Nigeria-Morocco gas pipeline project
On Monday, Nigeria's federal government announced it is actively seeking international investors for the $25 billion Nigeria-Morocco gas pipeline project, designed to supply gas to Europe via Morocco. Speaking at a meeting with Swiss-based Dutch multinational energy and commodity trading company Vitol Group, Nigeria's Vice President Kashim Shettima urged global investors to «mobilize resources and join us in this transparent project». «We hold the world's eighth-largest gas reserves and aim to fully harness their potential due to the stability and transparency of the gas sector. This is why we are seriously exploring the export of gas to Europe via this undersea pipeline—a costly $25 billion project that requires technical expertise more than money», Shettima said. «Nigeria has been a crucial country for Vitol. We have been involved in financing, trading, and supporting government initiatives. Vitol is committed and ready to deploy capital when needed», Jeffrey Dellapina, Vitol's CFO and delegation leader, promised. The Nigeria-Morocco gas pipeline remains a top priority for the Nigerian government. In May, President Bola Tinubu reaffirmed the project's significance, calling it a «top priority». It is worth noting that the project is gaining momentum with recent substantial funding support from the United Arab Emirates. Other major financiers include the European Investment Bank, the Islamic Development Bank, and the OPEC Fund. Chinese company Jingye Steel has secured the contract to supply materials for the pipeline. The United States has also expressed interest in investing. Morocco has completed feasibility and engineering studies for the 5,660 km pipeline, which will pass through 13 African countries. First gas deliveries are expected by 2029. A joint venture between Rabat and Abuja has been established to oversee the project's implementation.
Business Insider
15-05-2025
- Business
- Business Insider
Foreign oil giants seek re-entry into Nigeria's oil market, eye deepwater prospects
Petrobas' re-entry into Nigeria's oil market marks a significant shift from its previous divestment strategy, reflecting a renewed commitment to expanding its international presence. The development was disclosed in a post by Nigeria's Vice President, Kashim Shettima, on X (formerly Twitter) yesterday. Shettima attributed Petrobras' renewed interest in Nigeria to the economic reforms introduced by the Tinubu-led administration. ' As the economic reforms of the administration of President take root, the company, which had previously wound down its operations in Nigeria at the Agbami Field, is now actively engaging with Nigerian authorities as part of broader efforts to revitalise bilateral cooperation ahead of the 2025 Nigeria–Brazil Strategic Dialogue Mechanism (SDM), ' he noted. Speaking further, Shettima added, ' We have not maximally capitalised on the fraternity between us and Brazil, but it is better late than never. The upcoming SDM presents an opportunity to execute sector-specific Memoranda of Understanding (MoUs) and unlock investment flows.' The update came amid an inter-ministerial review meeting chaired by the Vice President at the Presidential Villa in Abuja, convened to coordinate Nigeria's preparations for the second session of the SDM, scheduled for June 2025. Confirming the development, Nigeria's Foreign Affairs Minister, Yusuf Tuggar—who was part of the delegation—stated that Petrobras is keen on acquiring frontier acreage in Nigeria's deep waters. "Petrobras is no longer active in Nigeria, but they are very keen on coming back to Nigeria. They said they want frontier acreage in deep waters," Tuggar was quoted in a statement from the vice president's office as saying. This interest aligns with Nigeria's broader efforts to strengthen bilateral relations with Brazil, particularly in the energy sector. Earlier this year, Petrobras had also expressed interest in acquiring stakes in African assets from major oil companies such as ExxonMobil, Shell, and TotalEnergies. Petrobas' interests in Nigeria's oil industry Petrobras, officially known as Petróleo Brasileiro S.A., is Brazil's state-controlled oil and gas corporation and stands as one of the largest energy companies globally. Petrobras initiated its operations in Nigeria in 1998, participating in several deepwater projects as part of its international expansion strategy. Petrobras held an indirect 8% stake in the Agbami Field (OML 127), operated by Chevron, which peaked at around 250,000 barrels per day. It also had a 16% indirect interest in the Akpo and Egina Fields (OML 130), operated by TotalEnergies, with peak outputs of 175,000 and 200,000 barrels per day, respectively. However, in 2020, Petrobras sold its 50% stake in Petrobras Oil & Gas B.V. (POGBV), a joint venture through which it held its Nigerian assets. This divestment marked the company's exit from the Nigerian oil sector and was part of a broader strategy to streamline operations and refocus on core domestic projects in Brazil. Now, in 2025, Petrobras is seeking to re-enter the Nigerian oil industry with a specific interest in frontier deepwater acreage.
Zawya
29-04-2025
- Business
- Zawya
Nigeria: VP Shettima urges RMAFC to drive revenue growth for economic reform
Vice President Kassim Shettima has urged the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) to play an active role in the economic reforms of President Bola Tinubu's administration to ensure improved revenue generation and boost economic growth. The Vice President made this statement on Monday while declaring open the 2025 Retreat for members of the Commission, held at the Ibom Icon Hotel and Golf Resort, Uyo, Akwa Ibom State. Shettima stated that the RMAFC could help the federal government achieve its aim of repositioning the country's economy by optimising revenue generation through improved tax systems. Represented by Ibrahim Natagwandu, Technical Adviser to the Vice President on Public Debt Management and Revenue Mobilisation, Shettima emphasised that the RMAFC occupies a critical position in the fiscal health and cohesion of the country. 'This retreat is more than an orientation; it is a call to national service at a time when our country is undergoing major reforms aimed at repositioning the economy and optimising our revenue generation through improved tax systems. 'The RMAFC occupies a critical place in this journey, as its work directly impacts the fiscal health and cohesion of our Federation. 'This retreat offers you the opportunity to deepen your understanding of the Commission's mandate, internal structures, intergovernmental dynamics, and evolving fiscal realities. 'It is also a platform to align with the policy direction of the Renewed Hope Agenda, particularly in areas of revenue optimisation, economic diversification, and prudent public expenditure.' Speaking earlier at the retreat, themed 'Understanding the Role of the Revenue Mobilisation Allocation and Fiscal Commission and Other Stakeholders/Agencies in Nation Building,' the Chairman of RMAFC, Mohammed Shehu, reaffirmed the Commission's commitment to implementing its constitutional mandate of ensuring fiscal federalism for national unity and development. Shehu disclosed that 'the Commission has reached an advanced stage in the process of coming out with a new revenue allocation and remuneration package for political and public office holders. 'Furthermore, its relevant committee(s) have started the process of carrying out the next phase of the reconciliation and verification of revenue collections from Revenue Collecting Agencies in collaboration with the Federal Inland Revenue Service (FIRS), Ministry of Solid Minerals Development, and the Nigeria Customs Service (NCS). 'The Commission is also committed to continued support and promotion of diversification programmes across the three tiers of government. In this regard, I implore the government at all levels to support agricultural development, tourism, and invest in the development of solid minerals as a means of diversifying revenue sources to meet the increased expenditure requirements of governance for development.' The host governor, Pastor Umo Eno, commended President Bola Tinubu for taking bold economic decisions, which he said have translated into more revenue for subnational governments in the country. 'I want to express my profound appreciation to President Bola Ahmed Tinubu for some of the bold steps he has taken to rejig Nigeria's economy, even though we may experience certain levels of hardship associated with some of the policies that he has brought to bear. 'Let me say this as governor, that some of these decisions have helped sub-nationals to receive more funding from the federation, and these have helped us as governors of sub-nationals to execute projects that can improve the lives of our people. 'If these steps were not taken, some states would not be able to pay salaries now; this means some states would have borrowed and amassed debts for generations yet unborn,' Eno said. He, however, urged the RMAFC to address the issue of conflicting remittances regarding the 13% oil derivation fund for oil-producing states. 'Before I close, let me appeal to the Commission to look into the area of conflicting oil revenue remittances, one of the indices, as it affects our 13 per cent derivation fund to oil-producing states. We know you are doing some, but we think you can do more,' Eno concluded. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
11-04-2025
- Business
- Zawya
Nigeria: Shettima flags off $934mln agro-industrial hub in Cross River
The Vice President, Kashim Shettima, on Thursday, Flag-off/ Foundation Laying for the construction of the Special Agro-Industrial Processing Zone (SAPZ) in Cross River state. Vice President Kashim Shettima, along with Governor Bassey Otu, African Development Bank (AfDB) President Akinwumi Adesina, and other prominent figures, officially launched the initiative—an important step toward fulfilling President Bola Tinubu's vision for a thriving Nigeria through the Renewed Hope Agenda. In his speech, Vice President Shettima characterized the SAPZ project as a transformative force that aligns with the nation's goals of economic development, job creation, and food security. He praised the partnership between the AfDB, Islamic Development Bank, IFAD, and the Cross River State Government for their joint efforts in bringing the project to life. Shettima highlighted that the SAPZ would act as a crucial driver for national development, particularly in tackling food security issues and promoting sustainable agricultural expansion throughout the country. Governor Bassey Otu resonated with Shettima's remarks, asserting that the SAPZ initiative is well-suited to his prosperity agenda. He expressed confidence in the project's success, assuring stakeholders that it would enhance agricultural areas in Cross River—such as Ikom, Yala, Obanliku, and Obubra—by turning them into vital centers for agricultural productivity and industrial development. Otu further stressed that the project isn't just focused on the immediate future; it aims to create enduring opportunities for growth and economic diversification within the state. He committed his administration fully to ensuring the project's success, promising lasting advantages for the people of Cross River. The Governor also discussed the strategic layout of the Agro-Industrial Hub, which spans 130 hectares and features essential infrastructure such as the Calabar Seaport, Bakassi Deep Seaport, and a 23MW power plant in Tinapa, along with the larger 630MW Calabar Power Plant located 20 km away. He noted that the site would be enhanced by proposed rail links to 14 local government areas, including those near the Agricultural Transformation Centre in Yala, and its closeness to the Calabar River and an international airport—facilitating global access for the state's agro-industrial products. Governor Otu affirmed that the SAPZ project is in line with his administration's goals of achieving food security, energy independence, and job creation. AfDB President Akinwumi Adesina fervently addressed the audience, commending Governor Otu's leadership and dedication to revamping Cross River's agricultural sector. He expressed pride in witnessing the realization of the SAPZ vision after facing numerous implementation challenges. He underscored the economic possibilities presented by SAPZs, particularly for job creation, reducing food imports, and boosting private sector investments. Adesina called attention to Nigeria's vast agricultural capabilities and urged collective action to attain food self-sufficiency and leadership in agricultural exports. He credited the strong political commitment from President Tinubu, the steadfast support from Vice President Shettima, and effective collaboration among key ministers as crucial elements propelling the SAPZ initiative's success. 'This project is poised to make a significant transformative impact, especially in rural communities, with potential for job creation and economic rejuvenation through the establishment of modern agro-industrial hubs. A total of $934 million has been earmarked for SAPZs across 11 African countries, with Nigeria's initial phase spanning eight states, including Cross River. A subsequent phase aimed at expanding to 28 states expects an investment of about $2.2 billion,' Adesina disclosed. The event was graced by dignitaries including Senator Abubakar Kyari, Minister of Agriculture and Food Security; Senator John Owan-Enoh, Minister of State for Industries, Trade, and Commerce; the Obong of Calabar and Treaty King of the Efik Kingdom, Edidem Ekpo Okon Abasi Otu V; as well as private sector representatives and development partners.
