Minister of State for Petroleum Resources
…Government intervention on gas sector has a significant positive effect on power development.
…Gas value chain offers rich investment opportunities for Nigerian companies and entrepreneurs with the ability of powering industries.
-By Felix Douglas
Delivering his Keynote address at the ‘Decade of Gas’ Session of the 5th Edition of Nigeria International Energy Summit (N.I.E.S), the Minister of State for Petroleum Resources, Chief Timipre Sylva, reiterated that by the end of 2022, the Decade of Gas initiative would have hit the two-year mark which would have also left the country with 8 years to the target year.
“So, as we examine the actions needed from now to our target year, 2030, it is helpful for us to reflect and consider how far we have come and where we are in this Decade of Gas effort. Progress should be assessed regularly and workplans updated on a regular basis to ensure that the Decade of Gas initiative meet the set objectives.
It is important to ask this question; why is the Buhari administration taking the Decade of Gas seriously? The answers are not far-fetched.”
According to the Minister, the country’s potential is enormous. Nigeria current natural gas reserves have risen to 206.53tcf, yet, the country has not even scratched at the 600tcf potential. Nigeria has the largest proven gas reserves in sub-Saharan Africa, as well as enviable Liquefied Natural Gas (LNG) infrastructure and export facilities.
Sylva pointed out that interventions in the gas sector have a significant positive effect on power sector development. It has the ability to lift people out of energy poverty and foster economic development.
On the economics aspect, Natural gas is a highly competitive source of power and it can replace more expensive fuel sources, thus reducing the cost of energy with lower energy prices, businesses can thrive and more people can have access to electricity.
He stated further that the entire gas value chain also offers rich investment opportunities for Nigerian companies and entrepreneurs, including the ability of not only powering current industries today but also generating entirely new industries tomorrow, which means additional millions of new jobs for Nigerians.
The Minister noted that Buhari administration is bent on accomplishing its gas revolution agenda.
“More than ever before, Nigeria is uniquely positioned to make a success story out of this mantra. I can bet that if planned and ongoing gas facilities and infrastructure are completed, gas would not only lift millions of Nigerians out of poverty, but the West African sub-region could become energy self-sufficient as a result of Nigeria’s gas revolution.”
“We are on course to solving both domestic and sub-regional natural gas deficiencies. Like I said at this summit last year, the world expects so much from Nigeria’s gas sector and we need to match that expectation with action. It is time to awaken the giant!”
Referring to the panel session on gas at N.I.E.S, the Minister revealed that it would look at the Roadmap to Gas-Powered Economy by 2030.
“At the end of this panel session, my expectation is that we can come up with a document from the deliberations that is designed to optimize and leverage key strengths to achieve a discrete and measurable set of objectives for the Decade of Gas.”
“A robust roadmap will, no doubt, help in our quest for Nigeria’s gas revolution to be accomplished in our lifetime.”
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