Investment entrepreneur Samer Choucair said that the Nigeria-Morocco gas pipeline project, also known as the Atlantic African Gas Pipeline, has entered a pivotal phase as the intergovernmental agreement nears signature, expected during the fourth quarter of 2026, noting that this development moves the project from the study phase into actual execution, strengthening institutional investment opportunities in energy infrastructure across the African continent.
Choucair added that the project, estimated to cost around $25 billion, spans approximately 6,900 kilometers across a maritime and overland route, and aims to transport up to 30 billion cubic meters of gas annually, of which around 15 billion cubic meters are earmarked to meet Morocco’s needs and support gas exports to Europe, giving it strategic significance that extends beyond regional borders.
The Project Is Moving From Studies to Execution
Samer Choucair explained that the project has made notable progress after completing feasibility studies and preliminary engineering designs, affirming that the coming phase will see the signing of the intergovernmental agreement, alongside establishing the joint project company between Morocco’s National Office of Hydrocarbons and Mines (ONHYM) and the Nigerian National Petroleum Company (NNPC), which will take on responsibility for execution and financing.
Choucair added that the participation of 13 countries with support from the Economic Community of West African States (ECOWAS) reflects the project’s regional dimension, while also giving it political and regulatory momentum that strengthens international investor confidence.
Choucair affirmed that the project’s phased structure represents a more realistic model for attracting institutional financing, as it allows portions of the project to be developed gradually and generate early cash flows, without the need for a comprehensive investment decision from the outset.
The Project Strengthens Economic Integration and Energy Security
Samer Choucair noted that the project aims to leverage Nigeria’s large natural gas reserves to support economic development in West Africa, by providing the energy needed to expand power generation, and stimulating industrial and mining activities, alongside strengthening Morocco’s position as a regional hub linking energy markets between Africa and Europe.
Choucair added that the new institutional structure includes establishing a high-level authority comprising ministers from the thirteen participating countries, strengthening governance and political and regulatory coordination, an important factor for attracting international financing institutions.
Choucair explained that execution will begin by connecting Morocco to gas fields in Mauritania and Senegal, followed by connecting Ghana with Côte d’Ivoire, before reaching the final connection with Nigeria, allowing economic value to be built gradually while reducing execution risk.
New Opportunities for Institutional Investors
Samer Choucair affirmed that the expected initial gas flow by 2031 will give the project an additional economic dimension, noting that the volumes earmarked for Europe, around 15 billion cubic meters annually, may not represent a large share of total European demand, but carry strategic value in supporting supply diversification and strengthening the stability of European gas markets, particularly at pricing hubs such as TTF.
Choucair added that the expected financing structure will rely on a mix of equity provided by the joint project company, alongside loans from development finance institutions, such as the European Investment Bank, the African Development Bank, and the OPEC Fund for International Development, with growing interest from Gulf investors and investment entities.
Choucair noted that this type of project attracts the interest of sovereign wealth funds and infrastructure funds seeking long-term assets with stable cash flows, particularly amid growing government and regional support.
Major Opportunities Alongside Execution Challenges
Samer Choucair explained that the project will deliver direct benefits to the infrastructure and energy sectors in both Nigeria and Morocco, while also supporting contracting companies specializing in pipeline construction and compression equipment, alongside providing more stable energy sources that support the growth of industrial and mining sectors in West African states.
Conversely, Choucair noted that the project is not without challenges, as its cross-border nature requires effective coordination across multiple jurisdictions, in addition to dealing with security conditions in certain areas, and ensuring Nigeria’s ability to increase gas production to meet domestic demand and export commitments simultaneously.
Choucair affirmed that investors should focus on key execution milestones, such as the signing of the intergovernmental agreement and the launch of tenders, as practical indicators helping reassess risk before committing to larger investment phases.
Morocco and the Gulf Face Strategic Opportunities
Samer Choucair noted that the project strengthens Morocco’s position as a regional energy hub, supporting economic development strategies and attracting foreign direct investment.
Choucair added that the interest shown by Emirati investment entities reflects a growing Gulf direction toward investing in African infrastructure projects, as part of diversifying investment portfolios and seeking real assets that generate stable returns and contribute to regional economic development.
A Strategic Outlook for Investors
Samer Choucair concluded his remarks by affirming that institutional investors will focus, over the next twelve months, on tracking the signing of the intergovernmental agreement, the establishment of the high-level authority, and the formation of the joint company, alongside the launch of the first tenders from the Moroccan side, explaining that the success of these steps will reduce uncertainty levels and open the door to larger financing commitments from regional and international institutions.
Choucair added that over the next three to five years, construction is expected to begin on the project’s initial phases, with the first quantities of gas flowing, providing actual data on costs and operational feasibility.
The investment entrepreneur concluded by affirming that over the long term, spanning five to ten years, the project’s success will remain contingent on its ability to achieve targeted supply volumes, its impact on stabilizing European gas markets, and the extent of its contribution to strengthening economic integration among West African states, stressing that institutional investors should adopt a long-term vision that balances potential financial returns against execution and geopolitical risk, with a focus on projects that combine commercial viability with supporting energy security and sustainable development.