Why we chose Angola over Nigeria for $6 billion TotalEnergies project

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Patrick Pouyanne, the Chief Executive Officer of TotalEnergies, shared insights during the Africa CEO panel in Kigali, Rwanda, emphasizing the importance of a stable policy framework for businesses considering investments.

Pouyanne pointed out that Angola’s consistent policies make it a preferred destination for investments, leading to the redirection of $6 billion in energy projects from Nigeria to Angola.

Despite acknowledging the productivity of the Niger Delta as the most prolific region in West Africa, Pouyanne highlighted the detrimental effects of Nigeria’s inconsistent policy environment on investment viability. TotalEnergies has refrained from oil exploration in the region for 12 years due to the uncertainty caused by ongoing policy debates and changes.

Pouyanne criticized Nigeria’s tendency to introduce new legislation without resolving existing issues, creating a challenging environment for long-term investment planning. He stressed the importance of settling policy debates promptly to provide investors with a reliable framework for decision-making.

Comparing Angola’s well-integrated policies to Nigeria’s volatile environment, Pouyanne emphasized the need for clarity and stability in regulatory frameworks. He cited Angola’s stability as a key factor in TotalEnergies’ decision to announce significant projects in the country, underscoring the importance of a predictable and conducive business environment for sustainable investments.

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