Inconsistent policymaking decisions have led to diverting $6 billion in energy projects from Nigeria to Angola, explained TotalEnergies CEO Patrick Pouyanne. Speaking at the Africa CEO Forum in Kigali, Rwanda, Pouyanne highlighted Angola’s stable policy framework as a key factor that attracts business investments, in contrast to Nigeria’s unpredictable environment.
Despite the Niger Delta being the most productive region in West Africa, Pouyanne noted that TotalEnergies has not conducted oil exploration there for 12 years due to the erratic policy landscape. He criticised Nigeria’s tendency to engage in ongoing legislative debates without reaching conclusive decisions, which creates uncertainty for long-term investors.
You love to debate. There is always a new legislature in Nigeria about a new petroleum law. When you have such permanent debates, it’s difficult for investors looking for long-term structure to know what direction to go, Pouyanne remarked.
He emphasised the need for Nigeria to establish a reliable policy framework that investors can trust.
Highlighting the contrast, Pouyanne pointed to Angola, where TotalEnergies recently announced a significant $6 billion project.
We have countries that have perfectly integrated policies like Angola. So, we go to Angola because their framework is stable, and we know where we go, he stated.
Additionally, Pouyanne mentioned that insecurity and lacking human capital hinder investment in Nigeria.
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