Discussions on the financing of the megaproject are still in progress, Nigerian National Petroleum Company (NNPC) CEO Mele Kyari said a final investment decision will be made next year, according to a report in US magazine Bloomberg.
However, the NNPC CEO did not reveal the entity behind the investment in the 5,600-kilometre-long offshore pipeline that would cross 11 African countries and eventually reach Europe.
The investment would cover the overall expenses of building the pipeline at an estimated cost of $20-25 billion, Kyari said in an interview.
Construction would be broken down into phases, the first of which would take three years, while the other stages would take five years to complete.
Previous estimates indicate that this pipeline could take up to 25 years to become operational.
First conceived in 2016, the Nigeria-Morocco gas pipeline has attracted particular attention in the context of the ongoing Ukrainian crisis, tightening global gas supplies and increasingly severe sanctions against Russia. As a result, the project is increasingly appealing to Europe, as it promises to reduce its dependence on Russian gas, experts say.
Earlier this year, the project received substantial funding from the Organisation of Petroleum Exporting Countries (OPEC). The investment is currently funding the project's feasibility study, also known as the Front-End Engineering Design (FEED).
While the pipeline could fulfil its purpose by carrying gas to Europe and Morocco, current plans will allow it to develop its potential by crossing 11 African countries, meeting the energy needs of nearly 400 million people.
In Africa, the project promises to support the socio-economic development of the continent, experts say. The pipeline represents a reliable source of jobs and attracts investment to the region.