The Minister of Finance and Coordinating Minister of the Economy, Wale Edun says the United States is interested in investing in the Nigeria-Morocco gas pipeline (NMGP) project.
Edun disclosed development in a statement on Saturday, detailing the outcome of the ministry’s bilateral engagement at the just concluded 2025 spring meetings of the International Monetary Fund (IMF) and the World Bank Group, held in Washington DC.
On June 1, 2022, the federal executive council (FEC) approved the proposal of the defunct Nigerian National Petroleum Corporation (NNPC) to sign an agreement with the Economic Community of West African States (ECOWAS) for the construction of the Nigeria-Morocco gas pipeline.
The approval was given a month before the corporation transitioned into the Nigerian National Petroleum Company (NNPC) Limited, thereby becoming a commercial entity.
The FEC’s green light triggered a series of deals, with the NNPC, under Mele Kyari, its former group chief executive officer, signing agreements with Morocco, Côte d’Ivoire, Liberia, Benin, and Guinea as part of the NMGP project.
Speaking at the CERAWeek Conference in Houston on March 3, 2024, Kyari said a final investment decision (FID) on the project would be taken by December of the same year.
However, Kyari was sacked a year later and replaced by Bayo Ojulari.
Speaking on the latest development, the Edun said he had a high-level meeting with Olayemi Cardoso, Nigeria’s central bank governor, and “the director of international economic relations, with representatives from the U.S. State Department”.
The minister said the US emphasised the importance of continued engagement to showcase Nigeria’s ongoing economic reforms and attract investor confidence.
“Key areas of interest includes U.S. interest in investments in Nigeria’s natural gas sector particularly the Nigeria-Morocco Gas Pipeline given the country’s vast gas reserves,” he said.
“Discussions also highlighted opportunities in infrastructure, especially digital connectivity, where U.S.-led transatlantic fiber optic projects could indirectly benefit Nigeria and support broader digital development goals.
“Agriculture was identified as another strategic sector for collaboration, with the U.S. expressing interest in supporting Nigeria’s efforts to boost productivity, enhance value chains, and strengthen food security through investment and technical cooperation.”
Edun said the team also had bilateral engagement with the Gates Foundation.
He said the organisation also showed interest in working with Nigeria to close some of the funding gaps “occasioned by the retrenchment of USAID & to provide technical assistance”.
He said Nigeria’s delegation also met with Makhtar Diop, the managing director and chief executive officer (CEO) of the International Finance Corporation (IFC), who pledged the institution’s support for the “M300 initiative” as well as in the airport and logistics sectors of the Nigerian economy.
