…Seeks $25bn investment for undersea gas pipeline to Europe
By Eshioromeh Sebastian, Abuja
Vice President Kashim Shettima has reaffirmed the Tinubu administration’s commitment to revitalising Nigeria’s cocoa industry and the broader agricultural value chain.
The goal, he said, is to transform the country from a mere cocoa producer into a major global processor of the commodity.
Speaking on Monday during a meeting with a delegation from the World Cocoa Foundation (WCF), led by its President, Chris Vincent, at the Presidential Villa, Shettima emphasised that the government is implementing measures to promote sustainable cocoa farming and forest conservation.
He also noted that the recent approval of a National Cocoa Management Board (NCMB) by the Federal Executive Council (FEC) underscores the administration’s determination to overhaul the sector and restore Nigeria’s position as a key player in the global cocoa trade.**
His words: “Let’s walk the talk. We used to be one of the world’s leading cocoa producers, but because of the advent of oil, we have been relegated to the background now.
“But we can reclaim that lost glory, and the President is fully committed to revitalising not only the cocoa industry but all agricultural value chains.”
Senator Shettima pointed out that the price of cocoa has skyrocketed globally, assuring that “with the Renewed Hope Agenda of President Bola Ahmed Tinubu,” Nigeria is poised to go “back to the drawing board.
“At our last Federal Executive Council (FEC) meeting, the government approved the establishment of the National Cocoa Management Board geared towards revitalising the cocoa industry and the whole cocoa value chain,” he added.
The Vice President stressed the need for Nigeria to start processing cocoa products, just as he told the WCF delegation that the nation has the manpower, with capable young Nigerians who are willing to take advantage of the job opportunities in the agricultural sector.
He said, “We don’t want to be producers of cocoa; we want to be processors of cocoa because a tonne of cocoa will fetch you $9,000 now, but processed cocoa will get you $30,000. If you turn them into chocolate bars, that might fetch you $50,000.
“So, we have the manpower, the average age of the nation is 17. We have very virile young men who are willing to work if they have the opportunity. So, I’m speaking from the heart; we are willing to partner with your organisation.”
VP Shettima also disclosed that he was already working on building a cocoa farm to lead by example, saying the passion is not driven by profit making, but by the desire to contribute to the social welfare of the country.
“I want to walk the talk. It is not even about the profit criteria; no. It’s about the social welfare criteria – employing people. Look, let me take you to my farm and you’ll be convinced that the new Nigerian leadership is actively involved and is itching to drive the process.”
The Vice President pledged Nigeria’s readiness to work with WCF, assuring that he would personally engage the governor of Taraba State to secure the 10,000 hectares in Kurmi local government area of the state for the WCF and other partners to expand their investments in the nation’s cocoa industry.
Earlier, the Vice President of the WCF, Mr Vincent, declared the Foundation’s readiness to work with the Nigerian government to revitalise the cocoa sector in Nigeria in line with the European Union’s sustainable regulations.
He said, “We are in the middle of a global cocoa supply shortage, and the prices have risen four times over the last three years. We are looking for new supplies of cocoa, sustainable cocoa in particular,” he stated, noting that the WCF represents the whole global cocoa supply chain, which includes the very biggest manufacturers of both chocolate and cocoa.
“The key thing here is that we have a clear alignment with industries which need to grow in supply sustainably, and I’m aware of the Nigerian State’s ambition to grow cocoa as a crop, and I know the opportunity is now. Because we are in a supply deficit, the next two to three years are an opportunity for growth,” he added.
** Nigeria seeks $25bn investment for undersea gas pipeline to Europe
Meanwhile, Nigeria is actively pursuing a massive $25 billion undersea gas pipeline project to supply gas to Europe.
The project is the Nigeria-Morocco Gas Pipeline, aimed at transporting Nigerian gas to Morocco and onward to Europe through the West African coastline.
This is just as Vice President Shettima has said, President Bola Ahmed Tinubu’s bold economic reforms have positioned Nigeria as a prime investment destination, especially in the energy sector.
Speaking on Monday during a meeting with Vitol Group, the world’s largest independent commodity trader, at the Presidential Villa, the Vice President said Nigeria’s leadership transformation under President Tinubu represents an unprecedented opportunity for international investors.
He said, “Most importantly is the leadership. President Bola Ahmed Tinubu grew up in that ecosystem- energy and finance.
“In the past 25 years, we have not had a leader who has the courage to take far-reaching decisions as he has taken- the removal of fuel subsidy, the unification of the multiple exchange rates, and the tax reforms.”
The Vice President made a direct appeal to global investors, stating that “he (the President) is putting Nigeria on a new trajectory. This is where the action is, invest in Nigeria.”
VP Shettima described Nigeria’s gas sector as a beacon of stability and transparency amid global uncertainty.
He said, “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 more than for your money. Gas supply stability counts, that is why we are exploring the option of an undersea gas pipeline.”
The Vice President urged Vitol to bring its considerable technical expertise and global influence to bear in advancing Nigeria’s gas infrastructure and exports.
“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,” VP Shettima said.
Earlier, the leader of the delegation, Chief Financial Officer of Vitol Group, Jeffrey Dellapina, said 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.”
Also, Vitol Group’s Head of Public Affairs, Murtala Baloni, noted that the company is currently enjoying a favourable business relationship with Nigerian companies and the government.
“We support the business of the government in ways that we can in the deployment of capital. We were one of the major funders of Project Gazelle, a crude oil-backed forward-sale finance facility by the Nigerian National Petroleum Company Limited (NNPC Limited), where we put in $300 million during the COVID-19 period,” he stated.
Also present at the meeting was Nigeria Country Manager for Vitol Group, Thomas de Montulé.
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