Nigeria’s President Bola Tinubu and Equatorial Guinea’s President Teodoro Mbasogo, on Wednesday evening in Malabo, signed an agreement on Gulf of Guinea Pipeline Project, further affirming partnership for mutual development, a statement by Ajuri Ngelale, presidential spokesman, on Thursday, said.
The agreement is seen as part of South South cooperation that will further boost the rich gas region with total proven gas reserves in the Gulf of Guinea estimated at about 300 trillion cubic feet (tcf).
Currently, six countries in the region, namely, Nigeria, Cote D’Ivoire, Angola, Gabon, Republic of Congo and Senegal market natural gas, with Nigeria, Angola and Equatorial Guinea making efforts toward attracting new investments in the sub-sector.
Nigeria and Equatorial Guinea started the process in 2022, as part of Nigeria’s ‘Decades of Gas’ initiatives.
Nigeria is blessed with huge gas resources, a significant amount of which is offshore that will require investment in infrastructure to bring them to market.
The collaboration between Nigeria and Equatorial Guinea is expected to allow much of that stranded gas to access the global gas market, as the later brings a major portfolio of world class gas processing and liquefaction infrastructure already in place in Punta Europa, coupled with investment funds for development.
The agreement signed on Wednesday covered legislative and regulatory measures for the gas pipeline, establishment and operation, transit of natural gas, ownership of the gas pipeline, and general principles, the statement noted.
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 President stated that the two leaders discussed issues relating 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 conflicts and what we can do to promote peace.
“We talked about promotion of peace and stability in our countries, and growth and prosperity on our continent.
“In the same way that Europe and America have kept themselves and found a solution for their conflicts, we have to look at both inadequate capital, industrialization efforts, research and development programmes, and enlighten our people, navigate our way through problems.
“Instead of the crisis and conflicts that we see in the Republic of Congo, and others, we have to look inwards to solve problems ourselves,’’ the President said.
President Tinubu said the discussion with the President of Equatorial Guinea also covered challenges of security, African Continental Free Trade Area (ACFTA), and food security.
“We are all going for it. Within Africa and the African Union, we have resolved that we will work together to make sure that the solution to many of our problems in Africa comes from within,’’ the President concluded.
In his remarks, the President of Equatorial Guinea said bilateral relations with Nigeria over many years have been rewarding and emphasised 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 realise the objective.
The President of Equatorial Guinea said the signing of the agreement was strategic for both countries.
Yusuf Tuggar, minister of foreign affairs, and Simeon Oyono Esono, minister of foreign affairs of Equatorial Guinea, also signed the agreement.
On the President’s team are: Lateef Fagbemi, Minister of Justice and Attorney General of the Federation, Yusuf Tuggar, Minister of Foreign Affairs, Badaru Abubakar, Minister of Defence, Olubunmi Tunji-Ojo; Minister of Interior, Ekprikpe Ekpo, Minister of State, Petroleum, Gas, and Jamila Ibrahim-Biu, Minister of Youth Development. They were present at the signing of the agreement.
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