An agreement to build a gas pipeline across the Gulf of Guinea has been signed by Presidents Bola Tinubu and Teodoro Mbasogo of Equatorial Guinea.
This was disclosed in a statement released on Thursday by the spokesperson, Ajuri Ngelale, according to Nairametrics.
According to Ajuri, the agreement addresses a number of significant areas, including ownership of the pipeline, basic project principles, legislative and regulatory procedures for the gas pipeline, as well as its construction and operation.
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.
In his address, 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 said that before the agreement was signed, the two leaders held a private discussion where they discussed matters pertaining to the continent’s food security, employment opportunities, and international collaboration.
“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.
On his part, the President of Equatorial Guinea, Teodoro Mbasogo noted that although their bilateral ties with Nigeria have been fruitful over the years, more collaboration is required in several of important sectors.
Mbasogo affirmed that Equatorial Guinea will collaborate with Nigeria to achieve the goal, saying that Africa’s aspiration of having a permanent seat in the UN Security Council is essential for the continent’s development.
He stressed that the signing of the agreement was crucial to the growth of Africa.
Nigeria’s oil and gas sector has been diversifying from oil to gas for decades, mostly due to the country’s large reserves of gas relative to crude oil.
President Tinubu has further solidified the transition to gas by issuing fresh executive orders designed to support the nation’s gas sector.
