Gas Development Holds Key to Nigeria’s Prosperity, Says Minister
By Sandra Nnamani
Thursday ,8th August, 2024
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has emphasized the critical role of gas development in unlocking Nigeria’s economic potential, stressing that it is the surest path to national prosperity.
Speaking during a visit to the Nigerian Content Development and Monitoring Board (NCDMB) in Yenagoa, Ekpo highlighted the vast opportunities presented by Nigeria’s abundant gas reserves, estimated at 209 trillion cubic feet. He noted that effective utilization of these resources will drive economic growth, reduce poverty, and improve the overall standard of living.
The minister outlined a comprehensive strategy to harness these resources, focusing on:
– Infrastructure development for efficient gas transportation and distribution
– Promoting domestic gas utilization for power generation, industrial applications, and transportation
– Enhancing local content policies and capacity building
– Encouraging gas-to-power projects for reliable electricity supply
– Expanding Nigeria’s presence in the global liquefied natural gas market
– Strengthening regulatory frameworks to attract investment and innovation
Ekpo stressed that these initiatives will have a direct impact on reducing the cost of living and transportation, benefiting citizens across the country. He emphasized the importance of gas development in achieving President Bola Ahmed Tinubu’s administration’s economic goals.
The minister commended NCDMB’s progress in promoting local content and urged the agency to prioritize Compressed Natural Gas projects, given their potential to drive economic growth and improve living standards. He also advised NCDMB to focus on gas-based projects, considering that 60% of its investments are already gas-related.
Ekpo’s visit to NCDMB aimed to strengthen collaboration and ensure effective implementation of the government’s gas development initiatives. The minister’s remarks underscore the government’s commitment to leveraging Nigeria’s gas resources to drive sustainable development and prosperity.
Industry experts welcome the government’s focus on gas development, citing its potential to:
– Increase power generation and reduce electricity costs
– Support industrial growth and job creation
– Reduce reliance on imported fuels and enhance energy security
– Generate significant revenue for the government
As Nigeria moves forward with its gas development agenda, stakeholders expect significant economic benefits and improved living standards for citizens.
