On Monday, Nigeria's federal government announced it is actively seeking international investors for the $25 billion Nigeria-Morocco gas pipeline project, designed to supply gas to Europe via Morocco. Speaking at a meeting with Swiss-based Dutch multinational energy and commodity trading company Vitol Group, Nigeria's Vice President Kashim Shettima urged global investors to «mobilize resources and join us in this transparent project». «We hold the world's eighth-largest gas reserves and aim to fully harness their potential due to the stability and transparency of the gas sector. This is why we are seriously exploring the export of gas to Europe via this undersea pipeline—a costly $25 billion project that requires technical expertise more than money», Shettima said. «Nigeria has been a crucial country for Vitol. We have been involved in financing, trading, and supporting government initiatives. Vitol is committed and ready to deploy capital when needed», Jeffrey Dellapina, Vitol's CFO and delegation leader, promised. The Nigeria-Morocco gas pipeline remains a top priority for the Nigerian government. In May, President Bola Tinubu reaffirmed the project's significance, calling it a «top priority». It is worth noting that the project is gaining momentum with recent substantial funding support from the United Arab Emirates. Other major financiers include the European Investment Bank, the Islamic Development Bank, and the OPEC Fund. Chinese company Jingye Steel has secured the contract to supply materials for the pipeline. The United States has also expressed interest in investing. Morocco has completed feasibility and engineering studies for the 5,660 km pipeline, which will pass through 13 African countries. First gas deliveries are expected by 2029. A joint venture between Rabat and Abuja has been established to oversee the project's implementation.
