Nigeria and Equatorial Guinea signed, on March 1, 2022, a Memorandum of Understanding (MoU) for the exploitation of Nigeria's offshore fields for the supply and processing of gas from the Punta Europa plant, in Guinea equatorial.

The two countries have opted for a strategic rapprochement for the development of natural resources in the Gulf of Guinea. A "strategic economic collaboration in the Gulf of Guinea" hailed on both sides by government authorities in a region where natural gas reserves would be very important for development.