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President Buhari said that Nigeria can diversify its economy with huge deposit of gas.
He disclosed this at the virtual Nigeria International Petroleum Summit (NIPS) 2021 Pre-Summit Conference and official launch of the Decade of Gas.
‘‘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,’’ he added.
The President said while his administration has prioritized gas development and recorded remarkable progress, it is well known that Nigeria is a gas nation with a little oil, but the country 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.
He said the development of gas infrastructure has commenced along 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.
‘‘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.
He described the NLNG as the Federal Government’s arrowhead in the reduction of gas flaring in Nigeria.
According to the President, 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.
The President noted that these achievements were accomplished 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.
In his remarks, Chief Timipre Sylva, Minister Of State For Petroleum Resources, said the Petroleum Industry Bill (PIB) will unlock market potentials for Nigeria’s 203 billion tcf of gas reserves, assuring that National Assembly has shown commitment to pass the 13 years old bill into law in April 2021.
He said Nigeria went in the wrong direction in oil business since 1950s as a country, but expressed optimism that lasting solution is in sight with the PIB coming on board soon.
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