Nigeria is actively pushing forward a $25 billion undersea gas pipeline project to Europe, as part of efforts to deepen its energy exports and position the country as a global gas hub.
Vice President Kashim Shettima disclosed this during a meeting with a delegation from Vitol Group, the world's largest independent commodity trader, at the Presidential Villa, Abuja.
He said the bold economic reforms initiated by President Bola Tinubu have transformed Nigeria into a top-tier investment destination, particularly in the energy sector.
"President Tinubu grew up in the energy and finance ecosystem. In 25 years, we've not had a leader with the courage to take far-reaching decisions like subsidy removal, exchange rate unification, and tax reforms," Shettima stated.
The Vice President urged Vitol and other global players to take advantage of Nigeria's vast gas reserves and the stability of its gas sector.
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"This is where the action is — invest in Nigeria. Ours is a gas economy, not just oil. We have the eighth largest gas reserve in the world," he added.
He also highlighted the performance of the Nigeria LNG Limited, noting it has been largely free of government interference and remains a reliable revenue generator.
"What we get from NLNG is so predictable. We want to harness that potential fundamentally because of the transparency and stability in the gas sector," Shettima said.
Responding, Vitol Group's CFO, Jeffrey Dellapina, reaffirmed the company's long-term commitment to Nigeria.
The firm's Head of Public Affairs, Murtala Baloni, also highlighted their ongoing partnerships, including a $300 million injection into NNPC Limited's Project Gazelle during the COVID-19 pandemic.
"We support the business of government and capital deployment. Our relationship with Nigerian partners and institutions remains strong," Baloni said.
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