Vice President Kashim Shettima has announced that Nigeria is actively seeking $25 billion in investments to develop a major undersea gas pipeline that will supply natural gas to Europe.
Speaking during a meeting with executives from Vitol Group, the world’s largest independent commodity trader, at the Presidential Villa in Abuja on Monday, Shettima emphasized that Nigeria’s recent economic reforms under President Bola Tinubu have repositioned the country as a top destination for energy investments.
“Most importantly, it’s about leadership,” the Vice President said. “President Bola Ahmed Tinubu comes from a background rooted in energy and finance. In the past 25 years, we’ve not had a leader with the courage to implement such bold reforms — from the removal of fuel subsidies, to the unification of exchange rates, and tax restructuring.”
Shettima described Nigeria’s gas sector as a stable and transparent opportunity for global investors, stressing that the country’s focus should shift from oil to gas. “The world is changing. Ours is a gas economy, not an oil one. We have the eighth-largest gas reserves globally,” he said.
Highlighting the reliability of the Nigeria Liquefied Natural Gas Limited (NLNG), Shettima said, “NLNG has been largely shielded from government interference. The returns are predictable. We want to fully harness the potential of the gas sector because of its inherent stability and transparency.”
He urged Vitol to leverage its global technical expertise and financial strength to support Nigeria’s gas infrastructure development and export initiatives.
In response, Vitol’s Chief Financial Officer, Jeffrey Dellapina, reaffirmed the company’s long-standing commitment to Nigeria. “This country has always been very important to Vitol. We’ve played significant roles in the downstream sector, financing, trading, and government support,” he said. “We are committed to deploying capital when needed, and we plan to stay and evolve with Nigeria.”
Also speaking, Murtala Baloni, Head of Public Affairs at Vitol, noted the company’s ongoing positive engagement with Nigerian entities. He highlighted Vitol’s contribution to Project Gazelle — a crude oil-backed forward-sale finance facility by the Nigerian National Petroleum Company Limited (NNPC Limited) — where Vitol invested $300 million during the COVID-19 period.
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