Mohammed Shosanya
Nigeria’s gas infrastructure would require between $15billion and $20billion investments,Deputy Group Chief Executive of Oando Plc, Omamofe Boyo,has said.
Boyo,who disclosed this in speech, “Realising Nigeria’s Gas Potential: A Private Sector Perspective” delivered at the recent NOG Energy Week in Abuja,advocated the need for a collaboration between the private and public sectors in order to unlock Nigeria’s Gas Potential that will guarantee smooth energy transition and sustainable economic development
Sharing his views on the utilisation of gas for domestic consumption in Nigeria,Boyo stated that although the country has been down this road for over 30 years, it has yet to utilise gas for domestic consumption for a variety of reasons.
According to him,Nigeria started a system whereby competing fuels were subsidized, which prevented the market from growing independently.
He added: ‘The investment and emphasis were put on oil rather than gas, which resulted in the infrastructure carrying oil being prioritised’.
Boyo proposed a holistic approach to increasing local consumption and investment in gas, which requires a level playing field and adequate regulatory capacity.
Nigeria needs to prioritise harnessing its gas resources and ensure an enabling environment with clearly defined opportunities for the private sector to fund and work in partnership with the government,he said.
