Amidst the intensifying Russia-Ukraine conflict, European countries are being compelled to seek alternative oil sources due to Nigeria’s struggles with fulfilling oil contracts, according to the outgoing French Ambassador to Nigeria, Ms. Emmanuelle Blatmann.
In a recent interview in Abuja with select media representatives, Blatmann reflected on missed opportunities for Nigeria in the energy sector, particularly during the Ukraine crisis.
European countries, in desperate need of diversifying their energy sources, initially turned to Nigeria.
However, due to the country’s struggles with oil bunkering and an inability to meet both existing contracts and OPEC quotas, these nations were forced to look elsewhere.
She said:
- “You know one thing that has frustrated me over the last two years is the problem in the oil and gas sector. When the Ukraine war started, all the European countries were trying to diversify their supply of gas and oil, and obviously, many of them turned to Nigeria because at that time due to oil bunkering Nigeria was not only able to increase its capacity and supply but sometimes was not able to meet the already existing contracts and was not meeting the quota OPEC had fixed, the European countries have to look elsewhere.”
She further mentioned that the rampant oil theft led to the shutdown of several oil exploration companies, questioning the sustainability of such a business environment.
The Insecurity problem
Blatmann also highlighted Nigeria’s potential as a global economic powerhouse, hindered by persistent security challenges.
Blatmann, poised to assume her new role as Director for Africa and the Indian Ocean at the French Ministry for Europe and Foreign Affairs, emphasized the critical role of addressing Nigeria’s security issues in attracting international business.
- She stressed, “To get back into business and attract businesses to Nigeria, security is paramount.”
More Insights
- Despite these challenges, Blatmann remains optimistic about Nigeria’s potential. She noted that France, recognising the nation’s vast opportunities, continues to be a major foreign investor. France stands as the second-largest country in terms of Foreign Direct Investment (FDI) in Nigeria.
- Through the Agence Francaise de Developpement (AFD), France has been offering concessionary loans, doubling its investments in Nigeria over the past decade and employing over 10,000 Nigerians in French companies. Blatmann affirmed that Nigeria ranks among the top five countries for substantial French investments, surpassing many major Francophone African nations.
- The French Ambassador’s insights underscore the critical need for Nigeria to bolster its security and infrastructural capabilities to harness its full economic potential, particularly in the lucrative oil and gas sector.
