Coordinator, Decade of Gas Initiative, Ed Ubong has stressed the need to embrace a gas-driven economy, highlighting its benefits to the entire populace.
According to him, it will create jobs for millions of Nigerians, boost the growth of small and medium sized enterprises (SMEs) and stabilize the economy.
Ubong stated this while delivering his keynote address during the second Panel Session at the NAEC Annual Strategic International Conference 2024, hosted by the Association of Energy Correspondents of Nigeria (NAEC) in Lagos.
Speaking on the topic— “Actualizing the Decade of Gas: Powering Nigeria’s Energy Sufficiency, Industrialization, and Economic Prosperity,” he noted that the Decade of Gas Initiative seeks to leverage the country’s abundant natural gas resources for economic development.
“With an estimated over 206 trillion cubic feet, Nigeria is regarded as the largest holder of gas reserves in Africa and 9th in the world. These reserves are not only a national asset but a global one, as it provides the foundation for energy security, industrialization, and economic growth.
“The Decade of Gas initiative, launched in 2021 by the Federal Government of Nigeria, represents a concerted effort by the government and private sector to leverage the country’s abundant natural gas resources for economic development and energy transition with a view of powering the country into development and economic growth over the next decade, anchoring on energy sufficiency, industrialization, and economic prosperity,” he said.
He stated that gas was not just a fuel, but also an industrial feedstock which can help herald the country’s electrical generation capacity, cut energy costs, and make electricity supplies more reliable to households, businesses, and industries.
He called for investment in gas pipelines and gas-fired power plants, saying “the industrialization of Nigeria lies solely on creating a robust domestic gas market for the sustenance of industries like petrochemical and fertilizer as well as manufacturing plants. “By using gas as an engine for industrialization, we will attract new investments, create jobs, and see a diversified economy away from our dependence on crude oil,” he said.
“The role of governments, the private sector, and the media is critical in actualizing this vision through partnership, innovation, and investment in gas-related projects.
“The ongoing construction of OB3, AKK, ELPs, etc., and investments in LNG facilities as well as gas processing plants are game changers for Nigeria’s energy landscape.
“We will need to ensure that we strengthen regulatory frameworks, deepen partnerships between international energy companies, and strive toward the goal of creating an enabling investment environment that attracts investment and builds investors’ confidence.”