President Bola Tinubu and President Teodoro Mbasogo of Equatorial Guinea have signed an agreement to develop a gas pipeline across the Gulf of Guinea.
According to a statement released on Thursday by Ajuri Ngelale, the spokesperson for the Nigerian president, the signing took place on Wednesday.
Ajuri mentioned that the agreement covers several important areas, such as legislative and regulatory measures for the gas pipeline, its establishment and operation, the transit of natural gas, ownership of the pipeline, and the general principles governing the project.
Furthermore, he said the deal will deepen both countries’ partnership for mutual development.
“President Bola Tinubu and Equatorial Guinean President Teodoro Obiang Nguema Mbasogo on Wednesday evening in Malabo signed an agreement on the Gulf of Guinea Pipeline Project, further affirming partnership for mutual development.
“The agreement covered legislative and regulatory measures for the gas pipeline, establishment and operation, transit of natural gas, ownership of the gas pipeline, and general principles.
“In his remarks at the event, President Tinubu, who is on a three-day official visit to Equatorial Guinea, said the signing of the agreement will open up new opportunities for gas exploration and employment,” the statement read.
What President Tinubu said
In his remarks, Tinubu, who is on a three-day official visit to Equatorial Guinea, said the signing of the agreement will open up new opportunities for gas exploration and employment.
The President stated that the two leaders had discussed issues related to the creation of employment, food security, multilateral relations, and conflict resolution mechanisms on the continent during a private meeting that preceded the signing of the agreement.
“Concerning Africa, conflicts and conflict resolution were discussed. We discussed various areas of conflict and what we can do to promote peace.
“We talked about the promotion of peace and stability in our countries, and growth and prosperity on our continent,” he added.
What Mbasogo is saying
On his part, the President of Equatorial Guinea, Teodoro Mbasogo said bilateral relations with Nigeria over many years have been rewarding and emphasized the need to deepen cooperation across salient areas.
Mbasogo said Africa’s vision of having a permanent seat in the Security Council of the United Nations is vital for the development of the continent, affirming that Equatorial Guinea will work with Nigeria to realize the objective.
He said the signing of the agreement was strategic for Africa’s development.
What you should know
- The shift from oil to gas diversification in Nigeria’s oil and gas sector has been underway for decades, driven by the country’s abundance of gas reserves compared to crude oil reserves.
- The shift to gas has also been consolidated by President Tinubu with the signing of new executive orders to boost the gas industry in the country.
- President Tinubu also inaugurated three different gas plants, aiming to boost gas production in the country by at least 25%.
- The gas plants are located in Delta and Imo respectively.
