The gas pipeline project, 5,600 kilometers long, will cross 13 countries along the Atlantic coast.
Nigerian company National Petroleum Company Limited (NNPCL) will invest $12.5 billion to secure a 50% stake in the $25 billion Nigeria-Morocco gas pipeline project, according to Nigerian media outlet The Nation.
"The gas pipeline project, which will connect Nigeria with Morocco, is now in phase II of FEED, and is undergoing an environmental impact assessment and right-of-way studies," the Group's CEO told The Nation. NNPCL, Mallam Mele Kyari.
The CEO stressed that more investments are expected as a result of recently resolved disputes with partners over production sharing contracts.
According to the Nigerian Minister of Petroleum, Timipre Sylva, the start date for the construction of the gas pipeline has not yet been set, as some administrative issues must be resolved.
Morocco will host 1,672 kilometers of the gas pipeline, which is expected to benefit more than 400 million people in West Africa.
King Mohammed VI has highlighted the importance of the project, describing it as a strategic turning point that will significantly advance the continent's development.
"I want this to be a strategic project that benefits all of West Africa, a region that is home to more than 440 million people," the King said during his speech, commemorating the 47th anniversary of the Green March in 2022.
"This is a project for peace, for African economic integration and for co-development: a project for the present and for future generations," said the monarch.
The project was first proposed by King Mohammed VI and Nigerian President Muhammadu Buhari in 2016, but has gained considerable momentum lately due to rising energy prices and dwindling European gas supplies amid the war in Ukraine.
The gas pipeline is expected to help Morocco overcome its persistent energy crisis, as the North African country currently imports 90% for its energy needs.
The gas pipeline project, 5,600 kilometers long, will cross 13 countries along the Atlantic coast. The project gained unwavering support from many countries including Nigeria, Gambia, Guinea Bissau, Guinea, Sierra Leone and Ghana.
These countries signed a Memorandum of Understanding (MoU) with the National Office of Hydrocarbons and Mines of Morocco (ONHYM) in December 2022, reflecting their determination to support the Morocco-Nigeria gas pipeline project, which aims to improve the energy infrastructure of the region.