Niger’s military leader, Abdourahamane Tiani, announced on state television that the country expects to export its first barrels of crude oil through the new Niger-Benin pipeline in January 2024.
The construction of this pipeline, backed by Chinese energy giant PetroChina, was officially completed in November 2023, Reuters reported. It connects Niger’s Agadem oilfield to the Benin port of Cotonou, facilitating the export of Niger’s oil reserves.
According to Tiani, the pipeline’s storage tanks in Cotonou are currently being filled and are expected to be ready by January, marking the start of the commercialization phase. Niger is entitled to a 25.4% share of the 90,000 barrels of oil per day (bdp) that will be exported through the pipeline.
While Niger currently operates a small oil refinery with a capacity of around 20,000 bpd, primarily supplying its domestic fuel market, Tiani emphasized the government’s desire to increase local oil refining capacity.
“Our goal is not simply to sell crude oil. We want to move towards a refinery that will process Nigerien crude within our own borders,” said Tiani, highlighting the need for Niger to derive greater benefit from its natural resources.
The launch of the Niger-Benin pipeline signifies a significant development for Niger’s oil industry, promising to increase export capacity and generate substantial revenue for the country. Tiani’s vision of enhancing local oil refining capabilities further underscores Niger’s desire to maximize the economic benefits of its natural resources. Leadership.
‘Lagos free zone positioned to attract investments from USA’
The first privately owned zone in Nigeria, Lagos Free Zone, is poised to attract increased foreign direct investments from the United States. This surge is attributed to the zone’s exceptional infrastructure and a plethora of incentives, including its integration with the Lekki Deep Sea Port.
The United States Consul General, William Stevens, leading a delegation from the United States Consulate General, expressed this optimism following a comprehensive tour of companies and facilities within the Lagos Free Zone. Stevens lauded the impressive and outstanding business relationship between Tolaram and US companies.
According to him, through the opportunities at the Lagos Free Zone, investors from the United States of America have deepened penetration in the Nigerian market by introducing world-class goods and services to Nigerians.
He noted that the influx of investments from US companies would not only fortify the economic ties between Nigeria and the USA but also underscored the unique incentives offered by the Lagos Free Zone for US companies looking to establish a robust presence in the Nigerian market.
“It is amazing to see the partnership between Tolaram and US companies and the opportunities therein. We are constantly looking at how we can attract more American companies to this market both in terms of investment and trade,” he said.
Dinesh Rathi, the chief executive officer of Lagos Free Zone, echoed this sentiment, emphasising that the Zone remains the preferred investment destination, showcasing world-class infrastructure and enticing incentives for potential investors.
During the delegation’s tour of companies within the Zone, Dinesh highlighted that LFZ provides the optimal environment for conducting business, having effectively addressed regulatory permit challenges and infrastructural hurdles He underscored the Zone’s role in redefining the Ease of Doing Business in Nigeria, offering incentives and infrastructure that foster a conducive economic climate, thereby promoting trade and investment. Leadership
