Nigeria and Equatorial Guinea have expressed their interest in collaborating on the development of the regional oil and gas sector. The two countries are looking to formalize a partnership to support investment, regional employment, and trade while jointly spearheading energy projects.
During a meeting between Equatorial Guinea’s Ministry of Planning and Economic Diversification and the Nigerian Content Development and Monitoring Board (NCDMB), several areas of cooperation were identified.
The key areas of collaboration include establishing a joint logistics base, facilitating workforce exchange programs between the two nations, and stimulating activity across the oil and gas industry.
Gabriel Mbaga Obiang Lima, Equatorial Guinea’s Minister of Planning and Economic Diversification, emphasized that such a partnership would enable Nigerian oil and gas service companies to utilize Equatorial Guinea’s port infrastructure for launching their activities in the regional sector. This move is expected to enhance competitiveness and reduce the costs of essential oil and gas operations for both countries.
The collaboration aligns with the Nigerian Content 10-Year Strategic Roadmap, as stated by NCDMB Executive Secretary Simbi Kesiye Wabote. The roadmap aims to strengthen regional market linkages and create opportunities for Nigerian companies across the broader West African market. Leveraging Nigerian expertise across the Gulf of Guinea will enable both countries to grow their respective oil and gas sectors in a cost-effective manner.
To galvanize Nigerian service producers, the NCDMB will coordinate with the Petroleum Technology Association of Nigeria. This effort aims to explore potential areas of partnership without the need to seek services from the U.S. or Singapore. Wabote mentioned that there are significant opportunities in the marine sector and logistics base.
The potential collaboration seeks to bolster investment in the regional oil and gas sector by pooling demand and offering regional expansion opportunities, which will serve as incentives for foreign capital.
