As the geopolitical crisis in Eastern Europe intensifies, Western nations are intensifying sanctions against Russia, and this will possibly halt Russia’s gas supply to European countries who rely heavily on Russia to heat its homes.
Many analysts predict that there could be a shortage of gas supply in the coming days if the war deepens. Researchers have stated that “Should the Kremlin decide to cut off gas exports to Europe, all the world’s gas producers put together do not have the spare capacity to plug the gap.”
This means that Europe would have no choice but to source its energy supply from Africa and elsewhere to cover shortages. The President of the African Energy Chamber for Nigeria and West Africa, Abdur Rasheed Tunde Omidiya stated that “The ongoing European energy trilemma and challenges provides a golden opportunity for African gas producers to develop a robust, bankable gas strategy to cater for motherland Africa and our European friend’s energy demand.”
“I believe Africa can leverage current trends to attract much needed investment to develop the infrastructure needed to accelerate production for regional consumption and exportation. The time to act on the Trans Africa Gas plan is NOW.” Mr. Tunde Omidiya further stated
In the wake of the geopolitical crisis in Europe, the African Energy Chamber issued a press release to give an overview on Africa’s energy sector. The Chamber stated that the continent’s energy sector required more investments for new discoveries and to match the domestic and global demand for gas.
Historically, Africa has been a long-term trading partner to Europe with Africa constantly on the losing side due to what many called unfair trading practices, lack of a continental common market, and draconian colonial policies that keep Africa bleeding. Therefore, unless Africa countries adopt a common trade policy in dealing with Europe, they’ll be competing among themselves and possibly sell their gas products below world market price.