Business
TotalEnergies Dump Nigeria for $6B Energy Projects in Angola
iexclusivenews – In a recent interview with the Africa CEO panel in Kigali, Rwanda, TotalEnergies CEO Patrick Pouyanne shared valuable insights into the company’s decision to invest $6 billion in energy projects in Angola over Nigeria.
Pouyanne’s remarks highlighted the importance of a stable policy framework in attracting long-term investments.
In this blog post, we will delve into the key factors that influenced TotalEnergies’ choice and the implications for Nigeria’s investment landscape.
Unstable Policy Environment
Pouyanne attributed TotalEnergies’ decision to invest in Angola to the country’s more stable policy framework.
He emphasized that Nigeria’s inconsistent policymaking decisions and perpetual debates on petroleum laws create uncertainty for investors seeking long-term structures.
The Niger Delta, despite being the most productive region in West Africa, has not seen any oil exploration in 12 years due to these issues.
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Insecurity and Lack of Human Capital
In addition to policy instability, Pouyanne identified insecurity and a lack of human capital as significant obstacles to investment in Nigeria.
He stressed the importance of settling debates and establishing a trustworthy framework for investors.
Angola’s Stable Framework A Magnet for Investment
In contrast, Pouyanne praised Angola’s integrated policies, which provide a stable framework for investors.
This stability led TotalEnergies to announce a substantial $6 billion project in the country.
Conclusion: TotalEnergies’ decision to invest in Angola over Nigeria serves as a wake-up call for Nigerian policymakers.
The country must address its inconsistent policymaking, insecurity, and human capital deficiencies to attract long-term investments.
By establishing a stable and trustworthy framework, Nigeria can unlock its full potential and attract investments that drive economic growth and development.
