President Muhammadu Buhari has said given the country’s potential of about 600 trillion cubic feet of gas, the commodity has the enormous potential to diversify Nigeria’s economy.
The president spoke on Monday in Abuja during the launching of “The Decade of Gas in Nigeria.”
‘‘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.
He said at the pre-summit that 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.
‘‘Before the declaration of Year 2020 as The Year of Gas, this Administration had shown commitment to the development of Nigeria’s vast gas resources and strengthening of the gas value chain by reviewing and gazetting policies and regulations to enhance operations in the sector as encapsulated in the National Gas Policy of 2017.
‘‘Our major objective for the gas sector is to transform Nigeria into an industrialized nation with gas playing a major role and we demonstrated this through enhanced accelerated gas revolution,’’ he said.
Enumerating what his administration has done to energise the sector, the President 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.
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.
He noted that these achievements were accomplished with 100 percent Nigerian Management and 95 percent Nigerian workforce.