Tinubu’s Reforms Position Nigeria as Prime Energy Investment Destination –Shettima

By Eshioromeh Sebastian, Abuja

Nigeria is aggressively pursuing a landmark $25 billion undersea gas pipeline project aimed at supplying natural gas to Europe through the Nigeria-Morocco Gas Pipeline (NMGP), Vice President Kashim Shettima announced on Monday.

Speaking during a high level meeting with executives of Vitol Group, the world’s largest independent energy trader, at the Presidential Villa, Vice President Kashim Shettima declared that President Bola Tinubu’s bold economic reforms have positioned Nigeria as a top global investment hub, particularly in the energy sector.

The Nigeria-Morocco Gas Pipeline, a transcontinental project, is designed to transport Nigerian gas through a subsea pipeline along the West African coastline to Morocco, with onward supply to Europe. Shettima described the venture as critical to Nigeria’s energy transition strategy, emphasizing the country’s vast gas reserves—the eighth-largest in the world.

“The world is changing, and ours is actually a gas economy, not an oil economy,” Shettima said. “We are seriously exploring the option of taking our gas to Europe. This is an expensive venture requiring about $25 billion, but it is a strategic move to ensure gas supply stability.”

The Vice President highlighted President Tinubu’s decisive economic policies, including fuel subsidy removal, exchange rate unification, and tax reforms, as key factors making Nigeria an attractive investment destination.

“In the past 25 years, we have not had a leader with the courage to take such far-reaching decisions,” Shettima stated. “President Tinubu is putting Nigeria on a new trajectory. This is where the action is—invest in Nigeria.”

He assured Vitol Group of a transparent management structure for the pipeline project, urging the firm to leverage its technical expertise and global influence to mobilize funding.

Jeffrey Dellapina, Chief Financial Officer of Vitol Group, affirmed the company’s long-term commitment to Nigeria, citing its extensive involvement in the country’s downstream sector, financing, and government-backed projects.

“Nigeria has been incredibly important to Vitol for a very long time,” Dellapina said. “We are committed to deploying capital where needed and evolving with Nigeria’s energy ambitions.”

Murtala Baloni, Vitol’s Head of Public Affairs, noted the company’s previous investments in Nigeria, including a $300 million financing facility for NNPC Limited’s Project Gazelle during the COVID-19 pandemic.

The Nigerian government is seeking international partnerships to secure funding and technical expertise for the undersea pipeline, which promises to enhance energy exports and strengthen economic ties with Europe.

With President Tinubu’s reforms gaining global recognition and firms like Vitol expressing confidence in Nigeria’s energy sector, the stage is set for what could become one of Africa’s most ambitious infrastructure projects.