TotalEnergies has chosen Angola over Nigeria for its $6 billion energy projects due to Angola’s stable policy framework, according to CEO Patrick Pouyanne.
Speaking at the Africa CEO Forum in Kigali, Pouyanne highlighted the lmportant role of a consistent policy environment in attracting substantial investments.
“Nigeria’s policy inconsistency and frequent legislative debates have made long-term investments untenable,” Pouyanne stated.
Despite the Niger Delta’s status as the most productive oil region in West Africa, the region has seen no new oil exploration for 12 years due to the erratic policy environment.
“In Nigeria, there’s always a new legislature about petroleum laws, creating perpetual debates that hinder investors from knowing which direction to take,” Pouyanne explained.
He emphasized the importance of concluding debates and establishing a reliable framework to attract investors.
Pouyanne also praised Angola for its integrated and stable policies, which provide clarity and security for investors.
This stability led TotalEnergies to announce its significant $6 billion investment in Angola earlier this week.
“Insecurity and a lack of human capital further stifle investments in Nigeria,” Pouyanne added, highlighting additional challenges beyond policy inconsistency.
