As global energy stakeholders convene to tackle the challenges posed by the global shift in energy, Nigeria has reiterated its dedication to a fair and balanced strategy. Ekperikpe Ekpo, the Minister of State for Petroleum Resources (Gas), highlighted that Nigeria’s transition in energy should promote equity and security. He noted that such an approach would facilitate a productive transformation of the energy sector, yielding advantages for all involved while tackling Nigeria’s social, economic, and environmental issues.
Speaking during the opening ceremony of the 2024 Gastech Exhibition & Conference at the George R. Brown Convention Center in Houston, Texas, Ekpo participated in the Ministerial Panel themed “From Mitigation to Adaptation: Navigating Volatile Geopolitics in a Fragmenting Global Order.” The conference’s central theme, “Transforming Energy Through Vision, Innovation, and Action,” reflects the importance of strategic thinking and Innovation in driving the future of the energy sector. Ekpo expressed confidence to global energy Investors that Nigeria is accessible for opportunities, especially in the gas industry. He emphasised the changes implemented under President Bola Ahmed Tinubu’s leadership to foster a more inviting Investment landscape.
More investment will be drawn into the country through these initiatives.
Ekpo clarified that these changes are integral to Nigeria’s overarching strategy to establish itself as the premier locale for oil and gas investments across Africa. Nigeria welcomes investment opportunities and has established a favourable climate to draw in partnerships within the gas industry. He pointed out that new policy measures guarantee the safety of investments. These initiatives aim to eliminate obstacles to investment, utilise Nigeria’s rich resources, and diversify the Economy for the advantage of its people.
Significant measures, including financial benefits for unlinked gas and advancements in midstream and deep water sectors, have been launched to encourage expansion. Ekpo further highlighted that the administration is focused on simplifying the contracting procedure, aiming to shorten it to six months, all while upholding a dedication to local content without sacrificing competitive pricing. Ekpo utilised the platform to emphasise Nigeria’s substantial Natural Gas resources, currently estimated at 600 trillion cubic feet (tcf), with additional findings anticipated.
Nigeria is utilising gas as its bridging fuel to increase production.
He highlighted that natural gas is vital to Nigeria’s economy and energy landscape, making it an essential transition fuel for the nation. Nigeria is utilising gas as its bridging fuel, and they are committed to boosting production. He further noted efforts to enhance the adoption of Compressed Natural Gas (CNG) and liquefied petroleum gas (LPG). In addition, the federal government has introduced initiatives like providing free cooking gas cylinders to encourage households nationwide to embrace cleaner energy solutions.
Also, he reiterated Nigeria’s pledge to reach net-zero Emissions by 2060, as specified in the nation’s Energy Transition Agenda. This strategy reflects Nigeria’s commitment to tackling the environmental, social, and economic consequences of climate change. Nigeria is prioritising essential gas Infrastructure initiatives, such as the OB3 and AKK Gas Pipelines, to facilitate the nation’s energy evolution. These pipelines play a fundamental role in satisfying the local demand for Electricity generation, industrial applications, and cooking needs.
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Moreover, they are essential for Nigeria’s industrial expansion and energy reliability, especially in the northern areas where gas facilities have been scarce. Ekpo emphasised the need for increased investment in Nigeria’s deep offshore gas sector. He believes that such investments will create fresh opportunities for investors and strengthen Nigeria’s position as a key player in the global gas market. By means of these efforts, Nigeria aims to establish itself as a vital participant in the future energy landscape, guaranteeing that its shift toward Sustainable Energy is fair, inclusive, and advantageous for everyone involved.