- Nigeria and other African countries will soon witness a massive patronage from Europe as the boycott of Russian gas continues
- The war in Ukraine has thrown up a huge challenge to European countries to look outside the continent for its energy supply
- Nigeria has one of the largest has reserves in the world but has been unable to meet its quota due insufficient infrastructure
Russia’s invasion of Ukraine has created a huge energy crisis in Eastern Europe as more countries boycott Russian gas and oil.
To stop its over-dependence on Russian energy, Europe is looking towards Africa for its natural gas imports.
Experts say there are serious bottlenecks and low supply challenges to tackle.
PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!
The war in Ukraine is pushing Europe to diversify its supply of energy.
In a press release, Stefan Liebing, Chairman of the German-African Business Association said that Germany and Europe must immediately make up for what they missed in the last 20 years.
Nigeria and Algeria are in the top 10 largest producers of natural gas in the world. Algeria exported a large amount of gas to Europe in 2021, making the country one of the top 5 exporters of natural gas to Europe.
Gas project in Nigeria raises hope
A major gas project in Nigeria is boosting hopes for more gas imports for Europeans. Countries like Algeria, Nigeria and Niger have decided to construct a 4,000km (2,485) long trans-Saharan Gas Pipeline known as NIGA.
According to reports, as soon as the $21 billion pipelines is completed, it will transport about 30 billion cubic meters of gas per year to Algeria, passing through the existing network to Europe.
In 2019, Europe got about 108 billion cubic meters of Liquified Natural Gas (LNG) from Africa, which came mostly from Nigeria.
Not easy for Europe
Nigeria is among the top 10 countries with the most gas reserves in the world.
Nigeria already plays an important role in the gas supply chain to Europe. But the country is facing many challenges and is unable to meet its quota because of inadequate infrastructure.
Nigeria has highest gas reserve in Africa, worth $800trn, says FG
Recall that Legit.ng has reported that the Nigerian government has said that the value of the country’s gas deposits stands at about 206.53 trillion cubic feet, estimated at $803.4trn which is the highest in Africa.
The federal government also stated that the European Union had suggested categorising natural gas as a green energy source which will affect Nigeria favourably going by its massive gas reserves.
The Punch report stated that Timipre Sylva, the country’s Minister of State for Petroleum Resources said this at the 2022 Annual Public Lecture of the Nigerian Society of Engineers in Abuja on Thursday, April 28, 2022.