Billionaire to invest N500bn in two 550km gas pipelines

monjola sotubo

April 29, 2015 3:43 PM

The project, when completed, will boost Nigeria’s gas output by three trillion cubic feet per day

Richest man in Africa, Aliko Dangote.

Billionaire, Aliko Dangote has announced plans to invest about N500 billion, in the construction of two sub-sea 550-kilometer gas pipelines in Nigeria.

The project will boost Nigeria’s gas output by three trillion cubic feet per day, according to Bloomberg.

Dangote disclosed that the laying of the pipes is expected to begin before the end of2015 while the first pipeline would expectedly be ready for use by the middle of 2017.

The gas pipeline project will run from the oil producing regions of the Niger Delta to Lagos State and is expected to be co-financed by the International Finance Corporation, IFC, and global private equity firms — Carlyle Group LP and Blackstone Group LP, the billionaire said.

Dangote added that the project would increase the amount of gas available in the country from one billion cubic feet per day to four billion standard cubic feet.

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