‘Energy Poverty in Gas-Rich Nigeria is Unacceptable’ – Petroleum Minister
During a recent retreat held in Abuja, Rt. Hon. Ekperikpe Ekpo, the Minister of State for Petroleum Resources focusing on Gas, highlighted Nigeria’s vast natural gas reserves as a critical solution to the country’s energy challenges. Addressing attendees at the Ministry of Petroleum Resources 2024 Retreat under the banner “Building Synergy for Enhanced Development in the Oil and Gas Sector,” Ekpo argued that the nation’s abundant gas resources should position it far away from the clutches of energy poverty.
The minister underscored the imperative need for comprehensive infrastructure development to bolster the exploration, production, processing, and distribution of gas. This strategic approach necessitates significant investments in gas pipelines, liquefied natural gas (LNG) facilities, and processing plants, aiming to streamline the efficient transportation and monetisation of Nigeria’s gas assets.
Ekpo elaborated on the vision to expand the country’s gas infrastructure network, which is expected to unlock access to gas markets, spur upstream exploration, and foster economic growth and diversification. He further stressed the importance of enhancing gas penetration across the nation to tap into its full potential as a transitional fuel, advocating for its adoption across power generation, industrial processes, transportation, and household sectors through initiatives like the ‘Decade of Gas Initiative’.
On the other hand, Senator Heineken Lokpobiri, Minister of State for Petroleum Resources focusing on Oil, brought to attention the critical role of oil in the Nigerian economy, with over 90% of the country’s foreign exchange earnings derived from oil exports. The retreat served as a platform to devise strategies to increase production to satisfy both export and local refining demands, in line with targets set by President Bola Tinubu.
Lokpobiri emphasized the necessity for investments, driven by competitive fixed costs and a stable regulatory framework, to enhance production capacities. He voiced concerns over the potential embarrassment to the nation should the industry fail to meet the domestic feedstock requirements for refineries expected to commence operations within the year, marking a crucial point of discussion at the retreat focused on elevating Nigeria’s oil and gas sector’s development through strategic collaboration and innovation.
Vanguard News
