The Chief Executive Officer of Energy Consultants, Chief Dike Oguegbulem, expressed optimism regarding the feasibility of the $25 billion Nigeria-Morocco gas pipeline project due to increased regional participation.
During an interview with New Telegraph, Oguegbulem highlighted the recent agreement between President Bola Tinubu and Equatorial Guinean President, Teodoro Obiang Nguema, in Malabo, Equatorial Guinea, which is expected to contribute to the progress of the project.
In an official statement, the Presidency explained that Tinubu and Mbasogo signed an agreement on the Gulf of Guinea Pipeline Project, reaffirming their partnership for mutual development.
Chief Ajuri Ngelale, Special Adviser to the President on Media & Publicity, added that the agreement covers various aspects such as legislative and regulatory measures, establishment and operation, transit of natural gas, ownership of the gas pipeline, and general principles.
Tinubu emphasized that the signing of the agreement will bring about new opportunities for gas exploration and employment.
Reports revealed that Côte d’Ivoire, Liberia, Guinea, and Benin signed agreements with Morocco and Nigeria in June 2023 to participate in the Nigeria-Morocco gas pipeline project during a meeting held at the Economic Community of West African States (ECOWAS) headquarters in Lagos.
A steering committee meeting was also conducted for the Nigeria-Morocco gas pipeline project, which was attended by representatives from ECOWAS and all the relevant countries. This expanded involvement of additional countries builds upon the previous agreements signed with ECOWAS.
The participating countries in the project include Nigeria, Morocco, Mauritania, Senegal, Côte d’Ivoire, Liberia, Guinea, Benin, Gambia, Guinea-Bissau, Sierra Leone, and Ghana.
Oguegbulem emphasized the necessity of increased regional involvement and financing to accelerate the realization of the project.
He recognized the gas pipeline project as a viable and transformative endeavor that will contribute to regional advancement, development, and cooperation. He also emphasized that additional funding arrangements would enable the region to reap the benefits of the project sooner.
Oguegbulem underscored the importance of promoting increased gas usage among Nigerians and other regional members to reduce the harmful environmental effects of fossil fuel and charcoal. He highlighted the benefits of gas as a cheaper, cleaner, and more environmentally friendly alternative, in line with the global energy transition trend.
Furthermore, Oguegbulem expressed that the agreement between Nigeria and Equatorial Guinea could alleviate the funding challenges encountered during the execution of the project.
Discover more from Tension News
Subscribe to get the latest posts sent to your email.