• Thursday, March 28, 2024
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Experts advocate transition to gas as a solution to balance of payment deficit

Experts advocate transition to gas as a solution to balance of payment deficit

Experts in the oil and gas industry have canvassed the need to transit to gas and enhance sustainable economic growth which can help solve the balance of payment issues.

Timipre Sylva, minister of state for Petroleum, who spoke at the PRE-NES26 webinar themed “Domestic Gas Utilisation and Commercialisation: Implementing the NDC Sectoral Action Plan for Energy” hosted by the Nigerian Economic Summit Group (NESG) held recently, said that Nigeria possesses the human and natural resources to steer the country on the path to a resilient economy and also have a surplus balance of payment.

The minister who was represented by Justice Derefaka, Technical Adviser (TA) on Gas Business and Policy Implementation, Federal Ministry of Petroleum Resources added that there is a need to prevent and reduce all forms of pollution while identifying sustainable solutions to mitigate against climate change and adapting to its repercussions.

“The most serious challenge we currently face locally and globally is the climate change phenomenon and Nigeria is committed to the NDC, the UN Sustainable development goals and their accompanying targets

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“It is impossible to have sustainable social and economic development if environmental degradation is not stopped, there is a need to prevent and reduce all forms of pollution,” Derefaka said.

Laoye Jaiyeola, Chief Executive Officer (CEO), NESG, in his remarks said the slump in oil price on the back of the Coronavirus pandemic and also the reduction in the demand for fossil fuel, which was caused by a stall in economic activities of developed countries, has led to a focus on national preservation and sustainable local growth, as the government plans to foster a low carbon economy.

Dayo Adeshina, Programme Manager, National Liquefied Petroleum Gas (LPG) Expansion Plan, Office of the Vice president said the government is putting up measures to ensure quick interventions in emission reduction adding that a major problem bedevilling LPG was Value Added Tax (VAT) and tariffs on LPG equipment which was recently removed and replaced with a five-year renewable waiver for all LPG equipment.