Vice-President Kashim Shettima says
Nigeria is pursuing a $25 billion undersea gas pipeline project aimed at
supplying natural gas to Europe through the West African coastline.
Shettima disclosed this on Monday during a meeting
with Vitol Group, the world’s largest independent commodity trader, at the
Presidential Villa in Abuja.
Nigeria-Morocco
Gas Pipeline will deliver gas from Nigeria to Morocco, then onward to Europe.
Shettima said President Bola Tinubu’s leadership marks
a unique opportunity for international investors, especially with major reforms
reshaping Nigeria’s economy.
He noted Tinubu’s bold reforms have positioned Nigeria
as an attractive destination for investment, particularly in the energy and
infrastructure sectors.
“Most importantly, it’s about leadership. President
Tinubu understands both energy and finance, having emerged from that
professional ecosystem.
“For 25 years, no leader has made such bold decisions
— removing fuel subsidy, unifying exchange rates, and implementing broad tax
reforms,” Shettima stated.
He called on investors to recognise the new economic
direction under Tinubu. “This is where the action is. Invest in Nigeria,” he
urged.
Shettima described Nigeria’s gas sector as a stable
and transparent space, well-positioned amid global energy uncertainty and
shifting demand patterns.
“I urge you to engage in our energy transition plans.
Use your expertise in LNG and Associated Petroleum Gas.
“The world is shifting. Nigeria is a gas economy, not
an oil one. We have the world’s eighth-largest gas reserves,” he told Vitol
executives.
He said Nigeria wants to fully harness gas potential,
thanks to the sector’s transparency and reduced government interference,
particularly in NLNG operations.
“What we earn from NLNG is steady and reliable. This
is why we’re exploring gas exports to Europe,” he said.
Shettima confirmed the undersea gas pipeline is an
expensive project, estimated at $25 billion, and will require significant
technical knowledge.
“We need your expertise more than your money. Gas
supply reliability is key, which is why the undersea option is on the table,”
he explained.
He appealed to Vitol to support Nigeria’s
infrastructure ambitions, bringing its global network and technical skill into
the project.
“We urge you to use your global influence and
resources. The project will be managed with full transparency.
“I sincerely invite you to join us in making this
project a success,” Shettima said
Vitol Group’s Chief Financial Officer, Jeffrey
Dellapina, reaffirmed the company’s long-standing commitment to Nigeria’s
energy sector.
“Nigeria has been a close and crucial partner for
Vitol. We’ve contributed across downstream, finance, trading and government
collaboration,” Dellapina said.
He reiterated that Vitol is prepared to invest
further. “We remain committed to this country and want to grow alongside it,”
he said.
Vitol’s Head of Public Affairs, Murtala Baloni, also
acknowledged the company’s strong relationship with Nigerian partners and
institutions
“We support government efforts where we can, including
deploying capital where needed,” Baloni said.
He disclosed Vitol’s role in Project Gazelle, where
the company provided $300 million to NNPC Limited during the COVID-19 pandemic.
Also present at the meeting was Thomas de Montulé,
Vitol Group’s Nigeria Country Manager.
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