US$2.5 Billion of a 2/3 Pipeline has been finished off Nigeria’s Energy Company disclosed

By Abdul Rahman Bangura-

Photo Credit: iStock

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– …about two-thirds of a pipeline that will carry gas produced in the South of Nigeria to the power-deprived in the North, has been completed. The 614- kilometer project is advancing slower than initially predicted, the Nigerian National Petroleum Company has expended more than $1 billion on it and endures devoted to the growth, the company’s Chief Executive – Mele Kyari, told columnists on past Monday. An article in the Lagos-based Guardian on April 19th, 2023 had said construction had slowed due to a dearth of accessible financing.

“We are continuing to fund it even though do not have third-party financing on this a project,” Kyari told during an assessment of building work. “We have so far spent over $1.1 billion on this project from our cash flow.”

Stretch the Nigerian administration originally mediated the majority of the allot mention for the $2.5 billion project with Chinese lenders steered by the Bank of China, but that bargain was not sealed.

The contracts were granted in late 2017 but construction did not start until mid-2020. About a year ago, the NNPC said it scheduled to finalize the project before President Muhammadu Buhari relinquish Estes power at the climax of May. The pipeline is the early component of an ambitious recommended trans-Sahara link to Europe via Algeria.

The pipeline that will traverse from the central Kogi State to the trading intersection of Kano is aimed at to boost domestic consumption of gas and increase merchandise to energy-starved industries in the Northern part of the nation.

Nigeria has Africa’s largest proven gas stocks rated at a million cubic feet, most of which are untapped, flickered, or reinserted into oil wells.

Around 70% of the work on the main line and about 50% of the comprehensive project has been finished, Seyi Omotowa, Managing Director of the NNPC’s gas subsidiary, told in an interview on the local broadcaster, Arise News, on Tuesday. Progress on three power plants that will be nourished by the pipeline “is coming at a different pace,” he let out.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent