Nigeria to Increase Gas Export to Europe

By February 17, 2022 NEWS

The Nigerian government is planning to increase gas export to the European Union (EU) as part of efforts to boost the nation’s revenue.

This was part of the talking points reached in collaborative digital economy plans between both parties through the Gateway Initiative.

According to the Senior Special Assistant to the Vice President on Media and Publicity, Mr Laolu Akande, in a statement titled Nigeria EU to work together on digital economy, explore raising LNG supply to European countries on Monday, the EU had requested for Nigeria to increase allocation.

Addressing the EU delegation, Vice President Yemi Osinbajo was quoted as saying, “We are relieved to hear of the EU’s support on gas as a transition fuel. It’s some bit of relief.”

He added, “The importance of the energy relationship between Nigeria and the EU also featured, while consideration of all options for increased supply of Liquified Natural Gas from Nigeria to the EU was agreed to, following a request from the EU. A technical meeting on this will be convened shortly.”

Business Post had reported that the Executive Vice President, EU, Mrs Margre Vestager, according to a statement signed by Mrs Uwa Suleiman, the spokesperson for the Minister of Communications and Digital Economy on Monday, in Abuja said the European bloc under its Gateway Initiative will invest about €820m (N385 billion) in the Nigerian digital economy sector over the next three years.

The statement read in part “The European Union under its Gateway Initiative has disclosed plans to invest about £820m in the Nigerian Digital Economy sector over the next three years.”

Mrs Vestager, who was on a working visit, said the union plans to invest in digital infrastructure investments, digitalisation of public services, digital entrepreneurship, digital skills, and digital governance.

She was quoted as saying, “Nigeria has immense potential for digitalisation and with a combination of £160m in grants and £660m in loans, the EU aims to comprehensively support Nigeria’s digitalisation strategy.”

In his response, the Minister, Isa Pantami, thanked the EU for the intervention and affirmed the federal government’s willingness to partner with the EU.

“Africa has always looked up to Europe in the area of technological advancements and this partnership is a welcome development that will project the digitalisation aspirations of our country,” he said.

Read original story on Businesspost