Nigeria May Lose LNG Market to Benin Republic

With a population of less than 12 million and a GDP of $10.35billion in 2018, Benin is often overshadowed by its massive neighbour, Nigeria.

Yet as African countries try to revitalize their energy sector, bring in private capital and develop gas-to-power, it is in West Africa and Benin that observers should look for positive developments.

With recent legislative reforms and a strong political will, the small West African nation is strengthening its place as the capital of the West African Power Pool (WAPP) and positioning itself as a big hub for gas and power in the sub-region.
On July 24, French super-major Total signed a Gas Supply Agreement and Host Government Agreement with Benin and its state utility, the Société Béninoise d’Energie Electrique (SBEE).

The agreement will see the development of a 0.5 mtpa Floating, Storage and Regasification Unit (FSRU), the first in West Africa. LNG supplies sourced from Total’s global portfolio are set to start in 2021 and last for 15 years.

Hot this week

Stanbic IBTC Reinforces Capital Markets Leadership Through Dangote Refinery IPO

Stanbic IBTC Holdings Plc has reinforced its position as...

CBN Bags NES Distinguished Organisation Award for Economic Reforms

The Central Bank of Nigeria (CBN) has received the...

Leadway Assurance Backs ISSP Initiative to Deepen Insurance Penetration, Consumer Trust

Leadway Assurance, Nigeria’s leading insurance services provider and a...

RMB Nigeria Advises on BOI’s N274.18bn Domestic Bond Issuance

L-R: Head, Debts Capital Markets, RMB Nigeria, Laju Atake;...

LG Electronics Highlights Seven Home Appliances at IFA 2026

As routines and lifestyles evolve across Europe, consumers are...

Topics

Stanbic IBTC: Customers to Win N1m in Savings Campaign  

As part of its commitment to promoting a savings...

Fidelity Bank Uplifts Old People’s Home with Essential Items Donation

L-R: Member, Nexus 2025 Inductee Class, Grace Bamigboje; Caregiver,...

Africa Finance Corp Announces $300m Loan from EXIM Bank of China

Africa Finance Corporation (AFC), the leading infrastructure development finance...

SERAP Sues NNPCL Over Alleged ‘Failure to Account for N5.9bn Rebranding Cost’

The Socio-Economic Rights and Accountability Project (SERAP) has filed...

8 Firms Honoured for Excellence in Retirement Innovation

The United Nations, Singapore's Central Provident Fund (CPF), The...

World Bank, UN, IMF Unite Against Illicit Financial Flows

International Monetary Fund and World Bank announced on April...

Inflation Climbs to 22-Month High of 12.2%

The Consumer Price Index report released yesterday shows that...

Africa, ME, Turkey ICT Spend Forecast at $243bn in 2017

ICT spending in the Middle East, Turkey, and Africa...