Nigerian gas has become the target of some European countries as plans have been set in motion to buy about 22 million tons of the product annually, a move which will increase the country’s revenue drive. With the Russian-Ukrain war still raging on, European leaders have been caught in a mix and have been on the lookout for an alternative to the Russian gas supply.
With a target of 22 million tons of gas, Nigeria stands behind Angola with a capacity of 29 million tons of gas.
Following closely behind Nigeria and Algeria, other African countries have been marked for the same supply and this is targeted at meeting the rising demand for gas across Europe.
The African gas-supplying countries included in the plan are Mauritania with a supply capacity of 10 million tons; Mozambique with a supply capacity of 19 million tons; the Democratic Republic of Congo with a 1.2 million tons capacity; and Tanzania with four million tons.
Others are Cameroon with a supply capacity of six million tons; Equatorial Guinea with 5.2 million tons; Angola with 12.2 million tons.
At the moment, Africa produces only six percent of the world’s fossil gas and the corresponding demand has been seen to have a negative effect on the environment due to the hazards associated with the production process.
While the demand has continuously increased, the adverse effect it has on the environment makes it important that the demand must quickly fall to stop the planet from heating 1.5 degrees Celsius above pre-industrial temperatures.
This has created a dangerous trend in climate change as the continent has witnessed devastating havoc on crops and homes due to the process.
The good news, however, is the renewed revenue stream for the country as Nigeria battles economic issues recently with oil and gas-based exports currently accounting for 80 per cent of Nigeria’s yearly revenue,