Nigeria, Other African Countries Hit Jackpot as Europe Rushes to Africa for Gas Supply

• Nigeria and other African countries will soon witness massive patronage from Europe as the boycott of Russian gas continues
• The war in Ukraine has thrown up a huge challenge for European countries to look outside the continent for their energy supply
• Nigeria has one of the largest gas reserves in the world but has been unable to meet its quota due to insufficient infrastructure

Russia’s invasion of Ukraine has created a huge energy crisis in Eastern Europe as more countries boycott Russian gas and oil.

To stop its over-dependence on Russian energy, Europe is looking towards Africa for its natural gas imports.

Experts say there are serious bottlenecks and low supply challenges to tackle. The war in Ukraine is pushing Europe to diversify its supply of energy. In a press release, Stefan Liebing, Chairman of the German-African Business Association, said that Germany and Europe must immediately make up for what they missed in the last 20 years.

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Nigeria and Algeria are in the top 10 largest producers of natural gas in the world. Algeria exported a large amount of gas to Europe in 2021, making the country one of the top five exporters of natural gas to Europe.

Gas project in Nigeria raises hope

A major gas project in Nigeria is boosting hopes for more gas imports for Europeans. Countries like Algeria, Nigeria and Niger have decided to construct a 4,000km (2,485) long trans-Saharan Gas Pipeline known as NIGA.

According to reports, as soon as the $21 billion pipelines is completed, it will transport about 30 billion cubic meters of gas per year to Algeria, passing through the existing network to Europe.

In 2019, Europe got about 108 billion cubic meters of Liquified Natural Gas (LNG) from Africa, which came mostly from Nigeria.

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Not easy for Europe

Nigeria is among the top 10 countries with the most gas reserves in the world.

Nigeria already plays an important role in the gas supply chain to Europe. But the country is facing many challenges and is unable to meet its quota because of inadequate infrastructure.

Russian invasion of Ukraine could drive fuel price over R40 a litre

Briefly News previously reported that the Russian unprovoked invasion of the sovereign state of Ukraine has had a negative impact on fuel prices around the world.

The Russian-Ukraine war has driven up the cost of crude oil which could see the price of fuel in South Africa double to over R40 a litre.

André Thomashausen revealed that Eskom relies on a large amount of imported diesel which could drive costs of electricity production up by as much as 40%.

Source: Briefly News