The inconsistency in policymaking decisions has led to the diversion of $6 billion in energy projects to Angola instead of Nigeria, explained Patrick Pouyanne, Chief Executive Officer (CEO) of TotalEnergies. Speaking at the Africa CEO Forum in Kigali, Rwanda, Pouyanne highlighted Angola’s stable policy framework as a key factor in the decision, emphasizing that businesses prioritize stability before investing.
Pouyanne acknowledged that the Niger Delta is the most productive region in West Africa but noted that the erratic policy environment has made investment untenable. TotalEnergies has not conducted oil exploration in the region for 12 years. He remarked, “Nigeria loves to open topics without closing them.”
He further elaborated, “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 stressed the importance of resolving debates and establishing a reliable framework for investors. “It’s important to have a debate and then settle it and put a framework on the table that investors can trust,” he said.
Contrasting Nigeria’s situation with Angola, Pouyanne noted, “We have countries that have perfectly integrated policies like Angola. So, we go to Angola and announced a very large $6 billion project at the beginning of the week because their framework is stable. So we know where we go.”
Additionally, Pouyanne identified insecurity and the lack of human capital as major challenges hindering investment in Nigeria.