Nigeria to utilise gas to drive economy, industrilisation – Buhari

President Muhammadu Buhari Monday in Abuja launched ‘The Decade of Gas in Nigeria’ with a pledge that his administration would fully utilise the enormous gas resources in the country to uplift the economy and drive industrialisation.

Setting the tone for the development of the industry in the next 10 years, the president said given the country’s potential of about 600 trillion cubic feet of gas, the commodity has the potential to diversify Nigeria’s economy.

“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.

Enumerating what his administration has done to energise the sector, the president said the development of gas infrastructure has commenced along with the domestic utilisation of LPG and CNG, as well as the process of commercialising 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.”

He said the NLNG, which contributes about one percent to GDP, has generated $114 billion in revenues over the years, $9 billion in taxes, $18 billion in dividends to the Federal Government and $15 billion in Feed gas Purchase.

He said these achievements were accomplished with 100 percent Nigerian Management and 95 percent Nigerian workforce.

The president also applauded NLNG for winning the award for outstanding business strategy, in 2020, for going ahead with Train 7 during the global pandemic.

He invited delegates at the NIPS Pre-Summit to attend the flagship event of the Ministry of Petroleum Resources that “will once more allow us to engage our partners and friends from around the world, exchange ideas and policy options and set the tone for the industry in the next few years.”