Nigeria-Morocco Gas Pipeline Fundraising Initiative
According to a report from Bloomberg, the National Office of Hydrocarbons and Mines (ONHYM) is gearing up for its inaugural fundraising campaign since its transformation into a public limited company. This initiative aims to secure financing for a portion of the ambitious Nigeria-Morocco gas pipeline project, which is estimated to cost around $25 billion. A reliable source within the ONHYM, in conversation with Medias24, clarified that the funding strategy would involve the establishment of a dedicated project company in collaboration with the Nigerian National Petroleum Company Limited (NNPC Limited), rather than being directly managed by ONHYM.
Strategic Framework and Project Structure
This dedicated project entity will operate within the institutional framework defined by the intergovernmental agreement concerning the Nigeria-Morocco gas pipeline. This agreement, adopted in December 2024 during the Economic Community of West African States (ECOWAS) summit, outlines the rights and obligations of the participating nations. The official signing of this agreement is anticipated in 2026, as reported by Reuters, citing ONHYM’s General Director, Amina Benkhadra.
The project framework includes two complementary entities: the High Authority of the pipeline, which is a political body comprising ministerial representatives from the participating countries, and the project company, which will handle the pipeline's operational execution. This operational entity will be responsible for structuring the financing, conducting fundraising efforts, steering the construction, and ensuring the project's completion across its various phases. Therefore, it is this dedicated structure that will manage the future financial framework, not directly ONHYM. Details regarding the amount, nature, and timeline of the initial fundraising will be clarified in due course, alongside the schedule for raising the total $25 billion necessary for the overall project financing.
Initiated in 2018, the Nigeria-Morocco pipeline is envisioned as a nearly 6,900-kilometer gas corridor, integrating both land and offshore segments. This project is seen as a significant lever for enhancing energy access across the African continent and diversifying gas supply routes to Europe.
As reported by medias24.com.
