TotalEnergies CEO, Patrick Pouyanne, has announced a $6 billion investment in energy projects in Angola, citing Nigeria’s inconsistent policymaking as the reason for bypassing the country.
Pouyanne stated that despite the Niger Delta’s productivity, the volatile policy landscape has made investments unsustainable, with no oil exploration in the region for 12 years.
He criticized Nigeria’s tendency to open debates without closing them, making it difficult for investors to navigate.
In contrast, Angola’s stable framework attracted the investment.
Pouyanne also identified insecurity and a shortage of skilled workers as challenges to investing in Nigeria.
TotalEnergies is training individuals to enhance human capital and develop necessary skills for the oil and gas industry.
The company has not conducted oil exploration in Nigeria for 12 years due to the uncertain policy environment.
This decision highlights the importance of a stable and consistent policy framework in attracting investments and promoting economic growth.
Nigeria’s policymakers must address these issues to create a favorable business environment and harness the potential of the Niger Delta region.