Nigeria’s gas-to-power market asks a great deal of a single contract. A Gas Supply Agreement must satisfy lenders, work for operators and sit within the regulatory framework, all while grid constraints, FX movements and downstream payment pressure test it from the first delivery. Whether it holds up depends as much on how it behaves under that pressure as on how it reads at signing.

Drawing on transactions I have supported, this article shares three lessons on what separates a GSA that works from one that only looks complete: the operating chain behind volume obligations, what payment security reveals about risk, and why contract terms must be tested against the asset rather than copied from precedent.