Individuals
Businesses
Company
Intelligence
News
African Capital Markets
EnglishEnglish
share on twittershare on linkedinshare on facebookshare to whatsapp
share on mail
share on instagram

Nigerian firm plans first-ever gas supply deal to South Africa

Daba Finance/Nigerian firm plans first-ever gas supply deal to South Africa
AFRICAN BUSINESS AND ECONOMYDecember 28, 2023 at 4:29 PM UTC

Nigeria is poised to initiate the delivery of gas to South Africa, marking a historic milestone in the trade relations between the two nations. Talks between Riverside LNG, a Lagos-based energy firm, and counterparts in South Africa are underway, and if successful, this venture will mark the first time such a trade has occurred between the two countries.

David Ige, the CEO of Riverside LNG, mentioned in an interview that they are likely to finalize another segment of the market, securing an off-take agreement for South Africa early in the year. He emphasized the significant growth in the gas market within a radius of about 3,000 nautical miles of Nigeria, encompassing southern Africa, western Africa, northwest Europe, the Caribbean, and South America.

This development comes after Riverside LNG, in November, entered into a pact with Johannes Scheutze Energy Import AG in Germany, focusing on renewable energy and a gas export deal valued at $500 million.

Key Takeaways

Nigeria is actively working to attract foreign interest in its oil and gas industry, which has faced challenges such as crude theft, pipeline vandalism, aging infrastructure, and structural bottlenecks. These issues have contributed to the departure of international oil companies from the Nigerian market. To address these concerns and enhance the appeal of the sector, the government has implemented new measures and incentives to attract investors and reduce barriers to entry, aiming to improve the overall cost of doing business. One significant initiative involves incorporating signature bonuses, the fees collected from new investors upon contract signing, into the lump sum paid by oil and gas companies during production. This adjustment is part of the government's efforts to drive production and increase revenue in the sector.

Riverside LNG
Nigeria
South Africa
Gas Supply
Energy Export

Think someone else should see this?

share on twittershare on linkedinshare on facebookshare to whatsapp
share on mail
share on instagram
Stay informed with our newsletters read by 25,000+ professionals worldwide
Newsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companies

Next Frontier

Stay up to date on major news and events in African markets. Delivered weekly.

Pulse54

UDeep-dives into what’s old and new in Africa’s investment landscape. Delivered twice monthly.

Events

Sign up to stay informed about our regular webinars, product launches, and exhibitions.

+25k investors have already subscribed

To invest in this opportunity and other opportunities across Africa

Download the daba finance app on your mobile through
appstore iconappstore icon
Phone Image

Take action.

Download app

Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.

Partner with us

Unlock exciting business opportunities and growth potential.

Join Daba

Become a part of our vibrant community and enjoy exclusive benefits.

Contact us

Reach out to us for inquiries, support, or collaboration.
For Investor
StrategiesPortfolio ManagementAfrican Capital MarketsNews
Daba Pro Intelligence
For Capital Seekers
For StartupsFor Fund ManagersFor Private CompaniesFor Lenders
For Partners
Commercial BanksBroker DealersAsset ManagersInvestment BanksInvestment Advisors and ConsultantsLenders and Microfinance
Company
About UsMarket UpdatesEventsBlog and PodcastNewsletterCase StudiesAffiliate ProgramInvesting GlossaryOfficial ContactsTrust, Compliance and SecurityFrequently Asked Questions

Terms & ConditionsPrivacy Policy
EnglishEnglish

Owned by Daba Markets Inc. By using this site, you accept our Terms and Conditions and Privacy Policy. © 2024 All rights reserved. 2025 All rights reserved