President Muhammadu Buhari on Monday launched ‘The Decade of Gas in Nigeria’, and announced a full commitment to gas revolution for economic diversification and industrialisation.
He also commended Nigeria Liquified Natural Gas (NLNG) which has over the years generated $114 billion in revenues, $9 billion in taxes, $18 billion in dividends to the Federal Government and $15 billion in Feed Gas Purchase.
‘‘The rising global demand for cleaner energy sources has offered Nigeria an opportunity to exploit gas resources for the good of the country. We intend to seize this opportunity,’’ the president said at the virtual Nigeria International Petroleum Summit (NIPS) 2021 Pre-Summit Conference and official launch of the ‘Decade of Gas’.
At 600 trillion cubic feet, Nigeria’s gas potential is huge, particularly in economic diversification, fx earnings and jobs.
Finance minister, Zainab Ahmed signalled recently that Nigeria would push for gas to be classified as transition energy during the upcoming Conference of the Parties (COP 26) in November 2021.
The President told participants at the Pre-Summit that while his administration has prioritized gas development and recorded remarkable progress, Nigeria remains a gas nation with a little oil, but has focused on oil over the years.
‘‘That is the paradox that this Administration decided to confront when we declared the year 2020 as “The Year of Gas” in Nigeria.
‘‘It was a bold statement to demonstrate the resolve of this Administration that gas development and utilization should be a national priority to stimulate economic growth, further improve Nigeria’s energy mix, drive investments, and provide the much-needed jobs for our citizens in the country.
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He said before the declaration of Year 2020 as The Year of Gas, the government had shown commitment to the development of Nigeria’s vast gas resources and strengthening of the gas value chain by reviewing and gazetting policies and regulations to enhance operations in the sector as encapsulated in the National Gas Policy of 2017.
He further said that the major objective for the gas sector is to transform Nigeria into an industrialized nation with allows gas play a major role.
Enumerating what his administration has done to energise the sector, the President said the development of gas infrastructure has commenced with the domestic utilization of LPG and CNG, as well as the process of commercializing gas flares, development of industrial and transport gas markets, and increasing gas to power.
‘‘We also kick started other policies and projects like the National Gas Expansion Programme, Autogas policy and the construction of the 614km Ajaokuta-Kaduna-Kano gas pipeline.
‘‘After a thorough review of these laudable achievements and successes in the gas space, we acknowledge that Nigeria still has more work to do in the gas space.”
According to the president, this has led the Federal Government to begin a more proactive push towards gas development. This initiative will ensure further optimal exploitation and utilization of the country’s vast gas resources.
The President commended the collaboration between the Ministry of Petroleum Resources, Nigerian National Petroleum Corporation and NLNG to actualize the dream of transforming Nigeria with its massive gas resources.
He described the NLNG as the Federal Government’s arrowhead in the reduction of gas flaring in Nigeria.
According to him, NLNG achieved so much with 100 percent Nigerian Management and 95 percent Nigerian workforce.
He also applauded NLNG for winning the award for outstanding business strategy, in 2020, for going ahead with Train 7 during the global pandemic.
He then charged all other relevant MDAs on the need to partner with the international oil companies, the indigenous oil companies and financial institutions to actualize the dream of fully utilizing our gas resources to uplift our economy.
The President also announced that later this year, Nigeria will host the 4th International Petroleum Summit in Abuja.
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