The Minister of State for Petroleum Resources Chief Timiprye Sylva has reiterated that the President Muhammadu Buhari administration is bent on accomplishing its gas revolution agenda to unlock additional millions of new jobs for Nigerians.
He made this known in his opening remarks during a session tagged “decade of gas” at the just concluded 5th Edition of Nigeria International Energy Summit (NIES 2022) in Abuja, stressing that when the 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.
Sylva said Federal Government is on course to solving both domestic and sub-regional natural gas deficiencies, adding that the world expects so much from Nigeria’s gas sector and ‘we need to match that expectation with action’.
According to him, “First, our potential is enormous. Our current natural gas reserves have risen to 206.53tcf, yet, we have 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.
“Second, 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.
“Third, the economics. Natural gas is a highly competitive source of power and it can replace more expensive fuel sources, thus reducing the cost of energy. Thus, with lower energy prices, businesses can thrive and more people can have access to electricity.
“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 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.
He continued, “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!
“The panel before us here will 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” stated the Minister of State.
