The inconsistency in policymaking decisions led to the diversion of the $6bn in energy projects to Angola over Nigeria, the Chief Executive Officer (CEO) of TotalEnergies, Patrick Pouyanne, has explained.
Pouyanne, who spoke with panellists of the Africa CEO in Kigali, Rwanda, explained that Angola is a country with a more stable policy framework, which he said every business concerns would first consider before starting investment.
Although the oil multinational boss said the Niger Delta is the most productive region in West Africa, he noted that the erratic policy environment has made investment untenable.
TotalEnergies has not conducted oil exploration in the region for 12 years, Pouyanne revealed, adding that “Nigeria loves to open topics without closing them.”
He stated, “You love to debate. There is always a new legislature in Nigeria about a new petroleum law. When you have such permanent debates, it’s difficult for investors looking for long-term structure to know what direction to go.
“In reality, the Niger Delta is the most prolific part of West Africa. But if you look at what happened, because of these debates, there has not been a single exploration in Nigeria for 12 years.”
He added: “It’s important to have a debate and then settle it and put a framework on the table that investors can trust.
“We have countries that have perfectly integrated policies like Angola. So, we go to Angola and announced a very large $6 billion projects in the beginning of the week because there, their framework is stable. So we know where we go.”
Besides, Pouyanne said that insecurity and the lack of human capital are two of the main issues facing investment in Nigeria
(Source: Ibom Focus)
