Mon. Jun 10th, 2024

Mr President is going round the world looking for investors, meanwhile some investors in Nigeria are taking their investments to other countries 🙆🏿‍♂️.

Patrick Pouyanne, the chief executive officer of TotalEnergies, has said that the company is investing $6 billion in energy projects in Angola over Nigeria, citing inconsistency in policymaking in Nigeria as the primary reason for this decision.

During the Africa CEO panel in Kigali, Rwanda, Pouyanne said that despite the Niger Delta’s status as West Africa’s most productive region, the volatile policy landscape has rendered investments unsustainable, adding that the company has not conducted oil exploration in the region for 12 years.

He added: “Nigeria loves to open topics without closing them. You love to debate. There is always a new legislature in Nigeria about a new petroleum law. When you have such permanent debates, it’s difficult for investors looking for long-term structure to know what direction to go.

“In reality, the Niger Delta is the most prolific part of West Africa. But if you look at what happened, because of these debates, there has not been a single exploration in Nigeria for 12 years. It’s important to have a debate and then settle it and put a framework on the table that investors can trust.

We have countries that have perfectly integrated policies like Angola. So, we went to Angola and announced a very large $6 billion project at the beginning of the week because there their framework is stable. So we know where we go.”

By Joy

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