Business
Nigeria-Morocco Gas Pipeline Inches Towards Reality, Parties Ink MoU
The countries, who are parties to the Nigeria-Morocco gas pipeline project have taken concrete steps towards making the it a reality by signing four Memoranda of Understanding (MoU).
Nigeria, Morocco, Cote d’Ivoire, Liberia, Benin and Guinea inked the documents in Abuja on Friday at the headquarters of the Economic Community of West African States (ECOWAS).
This was gleaned from the verified Twitter handle of the Nigerian National Petroleum Company Limited (NNPCL), @nnplimited, signed by Chief Corporate Communications Officer, NNPC Limited, Garba Deen Muhammad.
According to the statement, “Additionally, the project’s Steering Committee convened to discuss the progress of the Project and its strategic direction.”
The project fueled by optimism that once completed, it would help ensure energy security of the party-countries, more sustainable environment and provide an alternative route to exporting energy other than what Europe is providing at the moment.
“Once completed, the project will enhance the monetization of the natural gas resources of the affected African countries and also offer a new alternative export route to Europe.
“The signings took place on the sidelines of the Steering Committee meeting of the Nigeria-Morocco Gas Pipeline Project, which was attended by representatives from ECOWAS and all the participating countries, including Nigeria, Benin, Togo, Ghana, Côte d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, The Gambia, Senegal, Mauritania, and Morocco.
“This significant infrastructure project will contribute to accelerating access to energy for all, improving the living conditions of the populations, integrating the economies of the sub-region, and mitigating desertification.
“It will achieve these goals through the provision of sustainable and reliable gas supply that aligns with the continent’s new environmental commitments, while providing Africa with a new economic, political, and strategic dimension,” he added.
Group CEO, NNPCL, Mele Kyari expressed gratitude to President Bola Ahmed Tinubu and the Nigerian Government for entrusting NNPC Ltd. with this strategic project.
“As a commercial enterprise, NNPC Ltd. sees this project as an opportunity to monetise Nigeria’s abundant hydrocarbon resources, by expanding Access to energy to support economic growth, industrialization, and job creation across the African continent and beyond,” Kyari noted.
On her part, Director General, Office National des Hydrocarbures et des Mines (ONHYM), Morocco, Amina Benkhadra described the gathering as representing a progressive step in ensuring social and economic development through energy security and accessibility geared towards attaining total development of Africa by Africans.
Similarly, Commissioner for Infrastructure, Energy and Digitization, ECOWAS, Sédiko Douka observed that the gas pipeline project was significant, because it would help strengthen the region’s electricity production/generation capacity, stimulate industrial and agricultural development, and contribute to the energy transition by using a source of energy that is cleaner than other fossil fuels.
Part of the tweet read, “Today, another important milestone was achieved at the headquarters of the Economic Community of West African States (ECOWAS) as four significant Memoranda of Understanding related to the Nigeria Morocco Gas Pipeline Project were signed.
“Additionally, the project’s Steering Committee convened to discuss the progress of the Project and its strategic direction.
“Four Memoranda of Understanding were signed on Friday, June 16, in Abuja as part of the Nigeria-Morocco Gas Pipeline Project.
“These tripartite MOUs were respectively and successively signed between the Nigerian National Petroleum Company Limited (NNPC) and the Office National des Hydrocarbures et des Mines (ONHYM) of Morocco on one hand, and the Société Nationale des Opérations Pétrolières of Cote d’Ivoire (PETROCI), the National Oil Company of Liberia (NOCAL), the Société Nationale des Hydrocarbures of Benin (SNH-Benin), and the Société Nationale des Pétroles of the Republic of Guinea (SONAP) on the other hand.
“These Memoranda of Understanding, similar to those signed with ECOWAS on September 15, 2022, Mauritania and Senegal on October 15, 2022, and The Gambia, Guinea-Bissau, Sierra Leone, and Ghana on December 5, 2022, reaffirm the commitment of the Parties to this strategic project.
“Once completed, the project will enhance the monetization of the natural gas resources of the affected African countries and also offer a new alternative export route to Europe.
“The signings took place on the sidelines of the Steering Committee meeting of the Nigeria-Morocco Gas Pipeline Project, which was attended by representatives from ECOWAS and all the participating countries, including Nigeria, Benin, Togo, Ghana, Côte d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, The Gambia, Senegal, Mauritania, and Morocco.
“This significant infrastructure project will contribute to accelerating access to energy for all, improving the living conditions of the populations, integrating the economies of the sub-region, and mitigating desertification.
“It will achieve these goals through the provision of sustainable and reliable gas supply that aligns with the continent’s new environmental commitments, while providing Africa with a new economic, political, and strategic dimension.
The Nigerian Economic Summit Group (NESG) has projected that the country has the potential to achieve a 5.5% growth in Gross Domestic Product (GDP) if critical policy reforms are sustained.
This was disclosed on Thursday during the launch of the NESG’s 2025 Macroeconomic Outlook report.
Speaking at the event, the Chief Economist and Director of Research & Development at NESG, Dr. Olusegun Omisakin, highlighted the need for more efficient policy implementation to unlock Nigeria’s economic potential.
READ MORE: Davido Is Richer Than His Billionaire Father – Ibrahim Chatta Claims
“We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent, and we believe that this is achievable,” Omisakin stated.
More to follow……….
The Central Bank of Nigeria (CBN) has announced the release of the Nigerian Foreign Exchange (FX) Code, a set of guidelines designed to promote ethical conduct among authorized dealers in the country’s FX market.
In a statement, the apex bank disclosed that the official launch of the Code would take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.
READ MORE: Dangote Denies Culpability In Pumping Up Petrol Price
“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market,” the statement read.
The introduction of the FX Code is expected to enhance transparency, accountability, and professionalism within Nigeria’s foreign exchange ecosystem, aligning it with global best practices.
The event is anticipated to attract key stakeholders in the financial and banking sectors, as well as representatives from authorized FX-dealing institutions across the country.
The 47th President of the United States, Donald Trump attracted up 3 trillion dollars in investments into the country’s economy in his first full day at work.
This was gleaned from the verified handle of the POTUS on micro-blogging site, X, on Wednesday.
Biztellers reports that the POTUS is focused ensuring at least $1 trillion investment daily for the first seven days of his return to the White House, which would be driven by key clearly identified areas, including artificial intelligence.
ALSO READ: WHO Expresses Regret Over US’ Withdrawal
President Trump wrote, “In total, before the end of my first full business day in Washington and the White House, we’ve already secured nearly $3 trillion of new investments in the United States.
“And probably, that’s going to be six or seven by the end of the week.”
In a short video clip accompanying the statement, President Trump assured that the surge in investments would likely hit $7 trillion within his first seven days as the 47th POTUS.
He highlighted that artificial intelligence had proven to be an area lots of willing entrepreneurs had shown much appetite for.
$345,000 Fraud: EFCC Withdraws Arrest Warrant For Mercy Chinwo’s Ex-Manager
Lawmaker Introduces Bill To Allow Trump A Third Presidential Run
Belgium Appoints Rudi Garcia As National Team Coach
Tinubu Appoints Ganduje, Ajibola, Others As Heads Of Federal Agencies
Bangkok Shuts Over 350 Schools As Air Pollution Reaches Dangerous Levels
Abia Courts Set To Resume As JUSUN Calls Off Strike
OSSG Raises Alarm Over Murder Plot By APC Chieftain
NCC, SMEDAN, NAICOM, SEC, Others Set for SUPERNEWS SMEs Conf June 13
Sahara’s Tonye Cole resigns from GPHCDA
Niger Delta Avengers: President Buhari Reads riot Act …considers the carrot and stick option
Oando opens ultra-modern petrol station in Lagos
