• Tuesday, July 16, 2024
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FG commits to fast tracking industrialisation with gas

Tension as Sylva, APC excluded for Bayelsa guber poll

The federal government has stated its willingness to fast track the country’s industrialisation agenda with the use of Gas.

Timipre Sylva, minister of state petroleum resources, stated this while speaking at a dinner with the diplomatic community in Abuja.

He also said that gas is the only single energy source that can help diversify Nigeria’s economy and also bridge its energy gap.

“It is important to stress that Nigeria’s vehicle of choice on the energy transition journey is natural gas, much has been done towards harnessing this huge potential to provide the energy needed for our growing population in terms of power generation, transport, feedstock for industries and clean cooking solutions” Sylva said.

He expressed concerns that Nigeria is still energy-poor despite its enormous energy resources, which include over 200 TCF of proven natural gas reserve with a potential upside of up to 600 TCF.

“Majority of our people still lack access to reliable electricity and clean cooking fuels, and our pursuit is to significantly reduce this menace, with the hope of ending energy poverty in the country soonest,” he said.

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The minister noted that energy is the basic resource for national socio-economic development and must be secured at all times to ensure availability, reliability and affordability.

Sylva said in order to reap the benefit of its gas resources, authorities have deepened natural gas utilization under the National Gas Expansion Programme (NGEP).

“We have rolled out the Autogas scheme with the aim of displacing PMS with CNG and LPG. This will reduce PMS use and minimize CO2 emissions,” he added.

Speaking on the passage of the Petroleum Industry Act 2021 which he described as a game changer for the oil and gas sector, he said the Act has generous incentives to encourage the development, distribution, penetration, and utilization of gas.

“The PIA 2021 has paved the way for new investment, create jobs, support economic and energy diversification and placed Nigeria in a position of being able to not only meet our energy needs, but help support the world’s rising energy demands; it will incentivize new entrants into the midstream, especially for investment in gas pipelines,” he said.

He called on the international community to support Nigeria’s effort at maximising its resources in the face of global energy transition plans.

He further said Nigeria will continue to use the Nigeria International Energy Summit (NIES) to accelerate global energy transition agenda as it continues to promote energy efficiency and renewable technologies.