Vice President Kashim Shettima has announced that Nigeria is actively seeking a $25 billion investment for an ambitious undersea gas pipeline project aimed at supplying natural gas to European markets.

Speaking during a meeting with executives from Vitol Group, the world's largest independent commodity trader, at the Presidential Villa on Monday, Shettima emphasized that President Bola Tinubu's economic reforms have positioned Nigeria as an attractive destination for global investors, particularly in the energy sector.

"President Bola Ahmed Tinubu grew up in that ecosystem - energy and finance. In the past 25 years, we have not had a leader who has the courage to take far-reaching decisions as he has taken - the removal of fuel subsidy, the unification of the multiple exchange rates, and the tax reforms," Shettima stated.

The Vice President highlighted Nigeria's significant natural gas reserves as a key asset in the global energy landscape. "The world is changing, and ours is actually a gas and not an oil economy. We have the eighth largest gas reserve in the world," he noted.

Gas Sector: A Beacon of Stability

Shettima described Nigeria's gas sector as a model of stability and transparency, pointing to the Nigeria Liquefied Natural Gas Limited (NLNG) as an example of successful operations with minimal 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.

The Vice President urged Vitol to bring its technical expertise and global influence to support Nigeria's gas infrastructure development and export capabilities.

Vitol's Commitment to Nigeria

Jeffrey Dellapina, Chief Financial Officer of Vitol Group, expressed the company's long-term commitment to Nigeria during the meeting.

"This has been an incredibly close and important country for Vitol for a very long time. We have participated in a lot of things from the downstream, financing, trading and government support when needed," Dellapina said.

He added, "We do want to maintain an understanding that Vitol is committed, and we are always available to deploy capital when needed. We want to say that Vitol is committed to this country, and we want to stay in this country and evolve with you."

Murtala Baloni, Vitol Group's Head of Public Affairs, noted that the company has already demonstrated its commitment to Nigeria through significant investments, including a $300 million contribution to Project Gazelle, a crude oil-backed finance facility by the Nigerian National Petroleum Company Limited during the COVID-19 pandemic.

The proposed undersea gas pipeline project represents a major step in Nigeria's efforts to leverage its natural gas resources for economic growth and strengthen its position in the global energy market.