Nigeria has lost gas export contracts worth billions of dollars due to a lack of investment in the sector. It was discovered that many contracts that should have been signed in the last two years with international firms and nations were not because of a lack of investment in the sector, particularly new exploration, instability in the Niger Delta, or the absence of sound fiscal policies to encourage investments.
Majority of the natural gas deals lost were from Western European nations as the continent strives to increase its imports from Africa and stop receiving any from Russia as a result of the latter’s ongoing conflict with Ukraine.
The European delegations were sent to the ex-Minister of State, Petroleum, Timipre Sylva; the Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari; and the midstream/downstream authority. Mario Draghi, also visited Algeria for the same talks.
Algeria supplies 30 per cent of the gas required by Italy, while 40 per cent comes from Russia, according to official figures.