Nigeria Seeks $25 Billion Investment for Undersea Gas Pipeline to Europe
The Federal Government of Nigeria is seeking $25 billion in investment for the ambitious Nigeria-Morocco undersea gas pipeline, aimed at delivering Nigerian gas to Europe via the West African coast.
The proposal was presented during a meeting between Vice President Kashim Shettima and top executives from the global energy and commodities trading firm, Vitol Group, held at the Presidential Villa in Abuja on Monday.
The Vice President emphasized that President Bola Tinubu’s bold economic reforms including fuel subsidy removal, foreign exchange rate unification, and tax overhauls have repositioned Nigeria as an attractive destination for foreign investment, particularly in the energy sector.
“In 25 years, no Nigerian leader has taken such decisive and transformative steps,” Shettima noted. “The energy sector, especially gas, stands out for its stability and transparency.”
He urged international investors to align with Nigeria’s energy transition strategy, highlighting the country’s immense gas potential.
“We are more of a gas economy than oil. Nigeria has the eighth-largest gas reserves in the world, and our goal is to fully harness that. The Nigeria LNG (NLNG) model, which operates independently of government interference, shows what is possible with the right structure.”
Shettima described the pipeline project as a high-cost, high-impact venture that would require not just financial backing, but significant technical expertise.
“We are looking more to your expertise than your capital. Stability of gas supply is critical, and that’s why we are pursuing this undersea pipeline to Europe. We assure you of a transparent management process.”
Vitol’s Chief Financial Officer, Jeffrey Dellapina, reaffirmed the company’s long-standing partnership with Nigeria and expressed interest in continuing its investment in the country.
“Nigeria has been a vital market for us. From trading and financing to direct support, we have always stood by Nigeria and are committed to growing with you.”
Murtala Baloni, Vitol’s Head of Public Affairs, echoed this sentiment, noting the company’s contributions to key projects such as Project Gazelle a crude oil-backed financing deal with NNPC Limited during the COVID-19 pandemic, to which Vitol contributed $300 million.
