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Nigeria / EU gas deal is set for launch

Nigeria / EU gas deal is set for launch
Photo by Doris Morgan- Ask Nigeria

The war in Ukraine opens up new doors for Nigeria’s energy sector.

The war in Ukraine has led to sanctions against Russia, which in turn has prevented the European Union from purchasing Russia’s natural resources. This has created a difficult situation for the EU, as it relies heavily on Russian energy sources. The sanctions have also had a negative impact on the Russian economy, as they have been cut off from a major source of income. This has led to tensions between the two sides, and it is unclear how the situation will resolve itself.

New plans have been announced by the EU with intent to source gas from Nigeria. This is part of the EU’s strategy to diversify its energy sources and reduce its dependence on Russia. Nigeria is the largest gas producer in Africa, and its gas reserves are estimated to be the ninth largest in the world. The country has significant potential to increase its production, and it is hoped that the EU’s investment will help to achieve this.

The EU is concerned about a potential energy crisis this winter.

It is no secret that the EU has been working closely with Nigeria in recent years to help it develop its gas sector. This has included providing support for the construction of gas pipelines and infrastructure. The EU’s investment will help to create jobs and boost economic growth in Nigeria.

While working to reduce its dependence on Russian gas since the Russian invasion of Ukraine, The EU is concerned about a potential energy crisis this winter, as European countries may not have enough gas to meet demand, and this could turn into an emergency this winter.

This gas deal could be a major boost to the economy.

This new gas deal will be supplying the EU with up to 12 billion cubic metres of gas per year. The deal, which was signed on July 18th, is worth an estimated $6 billion and is one of the largest gas deals ever signed by the EU. Nigeria is the world’s seventh-largest producer of gas, and the EU is its biggest customer.

This gas deal comes at a time when Nigeria itself is having trouble keeping the lights on. Nigeria is a country rich in natural resources, but it has been plagued by mismanagement. The current administration is working to reform the system, but progress has been slow. This gas deal could be a major boost to the economy, but it will only be successful if the government can ensure that the revenue is properly managed.

Improving energy efficiency and renewable energy sources.

The executive body of the EU has urged member states to reduce gas consumption by a minimum of 15 per cent. Gas consumption accounts for around a fifth of the EU’s total emissions. The executive body has proposed a number of measures to help member states reduce their gas consumption, including improving energy efficiency and investing in renewable energy sources.


Related Links

European Commission: Website

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Ask Nigeria
15 days ago

Nigeria / EU gas deal is set for launch – The war in Ukraine opens up new doors for Nigeria’s energy sector.Express your point of view.

Haykaylyon26
Member
14 days ago

This is a nice opportunity it will also improve our economy and create more jobs is a nice deal if it can be done this deal have to be manage well

Adeolastan
Member
14 days ago

The gas development in Nigeria is overdue because of the corruption of leaders and the people in the oil and gas sector but with the coming in of the European Union,things may get better,it will generate job and it will boost the country economy .

Tonerol10
Member
14 days ago

Good one for the country, but if the Nigeria can be sincere to manage this opportunity well, it will be nice because it will improve the economy of this country

Mercy unisex saloon
Member
15 days ago

The new gas deal with EU is awesome. Nigeria is very reach with natural gas and the distance to Europe is idle. Nigeria should benefit from this deal. The government has secured a very profitable deal with the EU. Nigerian government hopefully can manage the revenue that would be generated and make good use of it for the country.

SarahDiv
Member
15 days ago

The EU gas deal is a great opportunity for Nigeria government to work on the financial lapses if properly managed. Of course it has being a recurring issues of one form of embezzlement or the other in our government sector. If the proper financial system can be put in place then it will be possible to checkmate every form of mismanagement.

Chibuzor
Member
15 days ago

Nigeria is a country that is abundant in natural riches; yet, it has been beset by poor management for quite some time, and if this can be corrected, things will improve for us.

Iyanu12345ogg
Member
15 days ago

This development will really boost our economy if it’s properly utilized.
when resources are well managed.

Hassan Isa
Member
15 days ago

We should be able to gain tremendously from this proposition from the EU. This is something that will boost the growth of our economy.

Ultra0711
Member
15 days ago

The gas deal comes with a lot of benefits and will provide a significant economy impact, if our government can make sure that the revenue will be properly managed and not embezzled.

Nwachukwu Kingsley
Member
15 days ago

See Russia, lol they have thrown away something they are meant to be benefiting us because of war; well, it’s good for us, and we are happy.

AN-Usman
Member
15 days ago

What a great opportunity for Nigeria to develop our gas sector and also contribute to our economy growth as this will create more jobs with other benefits. We all should hope the government runs it well this time around.

theApr
Member
15 days ago

This is another opportunity to boost the economy. I hope the government utilizes this deal efficiently.

Abusi
Member
15 days ago

This is very good. Although if we will be exporting gas, we should also have enough here. The exportation of gas might help to solve the conundrum of subsidy. Atleast with enough revenue generation from the exportation of gas, subsidy can be removed or reduced.

Kazeem1
Member
15 days ago

This gas contract has the potential to be a powerful economic stimulant; nevertheless, for it to be successful, the government will need to ensure that the revenue is managed in an efficient manner.

Khalifa001
Member
15 days ago

I hope the deal would be successful I also hope this won’t be another opportunity for our government to steal from us because it would be a good deal and also a good way to boost our economy

jdpumping
Member
15 days ago

I hope this deal will pull through and our government will capitalize on this because it’s a good deal and it will boost our economy and I hope the revenue from it is well managed.

Yomii
Member
15 days ago

The investment made by the EU would contribute to the creation of jobs and the acceleration of economic growth in Nigeria, both of which are positive developments that will make us Nigerians pleased. They need to move forward with this, thank you.

Remi1
Member
15 days ago

I know our government is taking the right step with this because we really need to upgrade our gas production for more income.

Last edited 15 days ago by Remi1
Bola12
Member
15 days ago

This colloboration will help Nigeria’s economy to see new limelight if it works out. The investment seems promising and the prayer right now is that the government will not misuse it.

Godsewill Ifeanyi
Member
15 days ago

This gas deal that we want to execute with the EU comes at a time when we are having problems maintaining the reliability of our energy. I hope it will be successful

Taiwoo
Member
15 days ago

I feel that the investment from the EU will be helpful in increasing output in Nigeria, as this country has a vast amount of untapped potential to do so.

Adesanyaj72
Member
15 days ago

The EU’s should help this country and invest in so our economy grow faster and create more job opportunities. More job opportunities is what we need right now in this country.

Tolaniiii
Member
15 days ago

War isn’t something to be happy about, but considering the fact that it will help boost Nigeria’s economy then I’d say it a good idea for now, so it’s left to the government to make good use of this opportunity till when the war will end.

DimOla
Member
15 days ago

It is a goodness for Nigeria. I hope our government will make judicious use of this opportunity to settle all our debt and development the country. The issue of mismanagement of our natural resources is of great concern. I hope this will not be the case.

Christiana
Member
15 days ago

If mismanagement of resources can be scrapped out of Nigeria’s problem then trust me, Nigeria will do better than any of the so called developed countries . All we need is to make good use of the resources we have.

AN-Abiodun
Member
15 days ago

This deal will really boost our economy if it’s properly utilized.

Nigeria is blessed with a lot of resources, but all this has not been effectively felt in our economy.

When monetizing this, the funds should be utilized for the betterment of the county.

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