Sunday, November 3, 2024
22.2 C
Nairobi

Nigeria and Equatorial Guinea ink deal for gas pipeline project

Nigeria and Equatorial Guinea have joined forces in a groundbreaking agreement that is set to revolutionize gas exploration and distribution on the African continent.

The signing of a deal to establish and operate a gas pipeline marks a significant milestone in the collaborative efforts between the two countries to enhance regional integration and energy security.

The agreement, which was announced by Nigerian presidential spokesperson Ajuri Ngelale, outlines key provisions related to the legislative and regulatory framework for the gas pipeline project.

It also covers aspects such as the transportation of gas, project ownership, and operational guidelines.

This joint initiative is a testament to the commitment of both nations to harness their natural resources for the collective benefit of their people and the broader African region.

The meeting between Nigerian President Bola Tinubu and Equatorial Guinean President Teodoro Obiang Nguema Mbasogo, held during President Tinubu’s visit to Equatorial Guinea, underscored the shared vision of the two countries to collaborate on various strategic initiatives.

Nigeria and Equatorial Guinea ink deal for gas pipeline project www.whoownsafrica.com
Nigeria and Equatorial Guinea ink deal for gas pipeline project www.whoownsafrica.com

Discussions ranged from economic development and employment opportunities to addressing conflicts and enhancing food security. The signing of the gas pipeline agreement is a concrete manifestation of the strong bilateral ties between Nigeria and Equatorial Guinea.

The gas pipeline project, initially conceived in 2016 between Nigeria and Morocco, aims to create a vital export route for African gas to reach European markets.

With the backing of the Economic Community of West African States (ECOWAS), the project is estimated to cost $25 billion and have an annual capacity of 30 billion cubic meters.

The pipeline will be constructed in three phases, gradually linking up with existing infrastructure to optimize the transportation of natural gas across the region.

President Mbasogo of Equatorial Guinea has lauded the agreement as a strategic move that will not only boost Africa’s development but also support the continent’s aspirations to secure a permanent seat on the United Nations Security Council.

The partnership between Nigeria and Equatorial Guinea is expected to open up new opportunities for economic growth, job creation, and technological advancement in the region.

Go to Who Owns Africa for more news from the African continent.

Follow Who Owns Africa on Twitter @Who Owns Africa, on Facebook at Who Owns Africa or on Instagram at whoownsafrica


Discover more from Who Owns Africa

Subscribe to get the latest posts sent to your email.

Hot this week

Meet Uganda’s Hamis Kiggundu who’s richer than Ronaldo and Messi

Meet Uganda's Hamis Kiggundu, a name known for more...

Why Were Metal Masks Used During Slavery Time?

During the dark era of slavery, colonial masters implemented...

WhatsApp unveils recent history-sharing for new group members

WhatsApp, the popular messaging platform owned by Meta, is...

Timbuktu: The African city that was once the richest in the world

Timbuktu, located in the West African nation of Mali,...

How a Kenyan start-up is Harnessing Carbon Markets in Africa

In an innovative approach to revolutionising energy provision in...

Topics

Uganda sentences LRA commander Thomas Kwoyelo to 40 years for war crimes

A court in Uganda has sentenced Lord’s Resistance Army...

Mozambique ruling party declared winner of election amid fraud claims

Mozambique’s ruling party candidate, Daniel Chapo, has been declared...

Kenya secures $736 million power project deal with Adani

Kenya Electricity Transmission Company (Ketraco) and Adani Energy Solutions...

Nigeria: The Challenges and achievements of Tinubu administration

Nigerian President Bola Ahmed Tinubu Administration has been in...

Nigerian economy under radar of President Tinubu’s administration

As Nigeria marked 64 years of independence on 1st...

Kenya lawmakers vote to impeach Deputy President Gachagua

Lawmakers in Kenya have voted to impeach Deputy President...

How Congo rebels are raking in $300K every month from seized mining territory

Rebels operating in the eastern region of the Democratic...

Related Articles

Discover more from Who Owns Africa

Subscribe now to keep reading and get access to the full archive.

Continue reading