Nigeria is forging ahead with an ambitious $25 billion undersea gas pipeline project aimed at supplying natural gas to European markets, a move that further underscores the country’s strategic positioning in the global energy transition. The announcement came as Vice President Kashim Shettima reaffirmed the Tinubu administration’s commitment to bold economic reforms and international investment in the energy sector.
Speaking during a high-level meeting with a delegation from Vitol Group—the world’s largest independent commodity trading company—at the Presidential Villa in Abuja, Vice President Shettima described Nigeria’s gas sector as a beacon of opportunity and urged global investors to take advantage of the country's rapidly evolving investment climate.
“President Bola Ahmed Tinubu is putting Nigeria on a new trajectory. This is where the action is—invest in Nigeria,” Shettima said. He emphasized that Tinubu’s economic leadership has brought a decisive break from the past, especially through tough but necessary reforms such as the removal of fuel subsidies, unification of multiple exchange rates, and comprehensive tax reforms.
“In the past 25 years, we have not had a leader who has the courage to take far-reaching decisions as he has taken. Most important is the leadership—President Tinubu grew up in that ecosystem: energy and finance,” the Vice President added.
Highlighting Nigeria's vast gas reserves, Shettima noted that the country holds the eighth largest gas reserve in the world, adding that Nigeria should be viewed as a gas-powered economy rather than solely as an oil producer. He described the sector as one of the most stable and transparent areas of the Nigerian economy, and pointed to the Nigeria Liquefied Natural Gas (NLNG) Limited as a model for investor confidence due to its operational independence and predictable returns.
“The NLNG has been largely insulated from government interference. What we are getting from the NLNG is so predictable. We really want to harness the potential in the gas sector fundamentally because of the stability and transparency in that arena,” he said.
In response, Vitol Group's Chief Financial Officer, Jeffrey Dellapina, expressed strong confidence in Nigeria’s economic direction and reiterated the company's long-term commitment to the country. He emphasized that Vitol is already actively engaged in Nigeria’s energy landscape.
Murtala Baloni, Head of Public Affairs for Vitol, cited the company’s involvement in Project Gazelle—a crude oil-backed forward-sale finance facility by the Nigerian National Petroleum Company Limited (NNPC Limited)—during which Vitol injected $300 million during the COVID-19 pandemic.
“We support the business of the government in ways that we can in the deployment of capital,” Baloni said, noting that the company enjoys a robust and mutually beneficial relationship with both Nigerian firms and government institutions.
The $25 billion undersea pipeline project, along with Nigeria’s intensified courtship of global investors like Vitol, signals a strategic push by the Tinubu administration to position Nigeria as a key player in the global gas supply chain, particularly as Europe seeks alternatives to Russian energy.