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The Group CEO of the Nigeria National Petroleum Company Ltd (NNPCL), Mr. Mele Kyari has stated that the Final Investment Decision (FID) on the $25 billion Nigeria-Morocco gas pipeline would be made in December 2024.
He stated this during the Leadership dialogue at the ongoing CERAWeek conference holding in Texas, United States.
The Group Chief Executive Officer (GCEO) mentioned that discussions are progressing on the Nigeria-Morocco Gas Pipeline Project (NMGP), which is nearing completion, aiming to establish a pipeline traversing thirteen African nations and extending to Europe.
He indicated that the Final Investment Decision (FID) for the $25 billion NMGP is expected to be finalized by December 2024.
Energy transition
Furthermore, the GCEO noted that the energy transition poses a significant challenge for nations, particularly in sub-Saharan Africa, due to their unique geographical circumstances. He explained that many of these countries focus on ensuring energy availability rather than transitioning to different energy sources, emphasizing that energy availability is intrinsically connected to energy security.
He stated, “The world has seen all the challenges thrown up recently by geopolitical events. It is clear that before the energy transition, countries must first attain security of energy supply in their countries. You cannot talk about energy security when it is not even available. In most of sub-Saharan Africa, 70% of the population doesn’t have access to clean cooking fuels. Therefore, you must fill the supply gap first,”
He mentioned that while there is discussion about utilizing renewable energy sources to bridge the gap in the energy transition, the necessary funding for these renewables must also be secured. He noted that even if Africa transitions from fossil fuel, it only accounts for 3% of global emissions and won’t make much difference.
Recommended reading: Ekpo schedules Nigeria-Morocco gas pipeline construction for 2024
About the Nigeria-Morocco gas pipeline
The agreement to build the 48” x 5,300Km pipeline from Nigeria to Dhakia (Morocco) was signed by the NNPCL in 2017. When completed the project is expected to transport around 30billion cbf of gas annually.
The proposed pipeline would pass through the Republic of Benin, Togo, Ghana, Cote d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, Gambia, Senegal, Mauritania, and conclude in Morocco, including a branch extending to Spain.
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Aghogho Udi
My name is Aghogho Udi, a writer, journalist, and researcher, deeply intrigued by the political economy of Nigeria and the broader African context. My focus lies in shedding light on the intricate connections between macroeconomics and politics, offering valuable insights that foster comprehension of Africa’s prevailing economic landscape and the world in general.
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