TotalEnergies CEO: Nigerians Love Debates Without Substance, Have Inconsistent Policies

•Explains why IOC moved $6bn investment to Angola

Emmanuel Addeh in Abuja

In what appeared a frank assessment of Nigeria’s business environment, especially in the oil and gas sector, the global Chief Executive Officer of TotalEnergies, Patrick Pouyanne, has said Nigerians generally love to debate without having productive conclusions.

Speaking at the Africa Annual CEO Summit in Kigali, Rwanda, Pouyanne stated that although debates are not a bad thing, those who take decisions on behalf of the government should learn to agree on consistent frameworks for operations.

He insisted that Angola has a more stable business environment, reason he’s moving a $6 billion investment into the country.

“Security of my people is of primary importance. Then, of course, it’s finding talents on the continent. You have some countries like Nigeria, like Rwanda where we can’t find talents quite easily. Some have a difficulty of education. So I would say we can contribute to you as to that as well by training people, it’s part of what we bring.

“But I think that’s the second point. And then sometimes, you know, you  love to debate. You love to open topics without closing them. So you know, in Nigeria, for example, we have since been doing business, there is always a new legislation in Nigeria or a new petroleum rule.

“So when you have the permit in Nigeria, you know, it’s difficult for investors who look for the long term to know where they are going and in fact, it has been bad, to be honest,.

“In reality, unfortunately, I think that Nigeria’s Niger Delta is the most prolific part of West Africa, but when you look at what happened, because of debates, there was not a single exploration with Nigeria for 12 years.

“Last project we did was Egina in 2014. So, sometimes it’s good to debate and to settle the debate, but then put a framework on the table so that investors can come,” the Frenchman stated.

While highlighting the importance of Nigeria to fix  its ‘signalling’, the TotalEnergies CEO said that Angola and Mozambique are doing better in that respect.

“There are countries which perfectly have integrated that, like Angola. I will go to Angola and announce a very large project of $6 billion at the beginning of the week, because there’s a framework that is stable.

“So we know where we are going, then Mozambique is stable. We had some debates in Uganda which have been part of the problem. So I think that its important we have stability,” he added.

Also speaking on the need for stable electricity and even the bigger need to attract investments, the TotalEnergies’ chief stated that there’s even less clarity in that sector.

“I will say today when I’m looking to merge the energy strategy, we want to invest in electricity, which is another energy source, it’s more local. And what we face today honestly, it is difficult to secure the payments for electricity.

“I know it’s a topic, so governance of electricity on the continent is less clear, than in oil and gas. And I think we need to make an effort. Everybody thinks that renewables is good for Africa, because you have wind, etc. But in fact, we need to put some right framework.

“Look, what we need today is, we need actions from the World Bank and other institutions to put a guarantee scheme in place, we just want to guarantee, to secure, we don’t think we’ll use it.

“But when you invest in electricity, in local energy, you need to find a way to secure it. It’s of primary importance.

“So I think we need to put some goodwill together to find the right framework, to let electricity business really go on in Africa because without it, it is difficult to make industries. It’s difficult for people to have a better way of life.

“So the continents has plenty of resources for sure. And we love it. And honestly, even if sometimes it’s a little messy, we love it, because the French people have found a way to navigate. So, we are good at that and I think we find ways to find a deal,” he added at the event.

When he visited President Bola Tinubu in December last year, Pouyanne said TotalEnergies  would invest as much as $6 billion in Africa’s biggest oil producer in the years ahead. It’s unclear whether it’s the same proposed investment that the oil firm has taken to Angola.

But the energy firm had said it will target deep-water projects and gas production, telling Tinubu that the French company was in support of the current administration’s policies and push to resolve insecurity in the industry.

“Everything is here. We just need to conclude with the tweaks and changes necessary to unlock the outstanding potential in both oil and gas,” Pouyanne was quoted as saying in a statement issued by Ajuri Ngelale, Tinubu’s Special Adviser on Media & Publicity.