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FG set to expedite industrialization with gas

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By Abdulwasiu Usman

Gas is identified as a major driving factor in energy transition.

Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed this at a meeting with the diplomatic community in Abuja. He said energy is the fundamental resource for national socio-economic development and must be always insured, emphasizing that gas is the sole major energy source that can aid in diversifying Nigeria’s economy. Given the increasingly significant contribution of energy to national security and economic growth, energy diplomacy has become an essential aspect of the country’s foreign cooperation.

For Nigeria, Natural gas is seen as the preferred driving factor for the country’s energy transition. Efforts have been made to tap into this vast potential in order to offer the energy for increased power generation, transportation, industrial feedstock and improved methods of clean cooking to sustain our growing population. The minister lamented Nigeria’s energy poverty despite the country’s vast oil, gas, and mining resources. For instance, the country has proven natural gas reserves of about 200 TCF, with a further 600 TCF in upside potential.

The government rolled out programs to revamp energy sector.

Sylva stated that the vast majority of Nigerians still lack access to stable electricity and clean cooking fuels and the goal is to drastically reduce this issue in the hopes of eventually eliminating energy poverty in the nation. With the National Gas Expansion Programme and the Autogas scheme in operation, the Nigerian government hopes to replace PMS with CNG and LPG and maximize the country’s gas resources. As a result, PMS usage will reduce, and CO2 emissions will be minimized.

Furtherly, the minister emphasized the profoundly positive effects of the Petroleum Industry Act (PIA) 2021 on Nigeria’s energy sector. Which has allowed for increased foreign investment, the creation of new jobs, the promotion of economic and energy diversification, and the repositioning of Nigeria to fulfil both its energy demands and also help support the growing international energy demand. Additionally, the Act incentivizes entrance into the midstream, particularly for investments in gas pipelines, which helps to promote gas production, distribution, penetration, and utilization.

Nigeria plans to accelerate energy transition with the NIES.

Despite the government’s attempts to achieve “The Decade of Gas” initiative, which aims to lay the groundwork towards a gas-powered economy by 2030 and harness the country’s vast gas potential, the missing piece is the lack of basic gas infrastructure to facilitate the goal. The country’s gas infrastructure deficit was a major contributor to poor gas output, gas flaring, and low domestic gas utilization. Over the next ten years, it is predicted that more than $20 billion in annual funding would be necessary to close these gaps.

The minister urged the international community to support Nigeria’s energy transition plans by partnering with and investing in the country’s energy sector to help maximize its resources and forge paths in energy security areas that benefit all parties involved, in line with global energy transition plans. Nigeria will continue to utilize the Nigeria International Energy Summit (NIES) as an approach to expedite the international energy transition plan, as it is becoming a premier venue for presenting cutting-edge technical and technological developments in the energy industry.

Highlighting the significant impact of the NIES.

Mr Salaheddine Abbas Ibrahima, the Dean of the Diplomatic Corps and also the Cameroonian envoy to Nigeria, in his statement, highlighted the significance of the energy industry on a global scale. Emphasizing the fact that this kind of initiative had not taken place over the years. He reiterated that the NIES will continue as a worldwide event with participants from all around the globe, he then urged for continuing collaboration as the programmed date approaches.


Related Links

PWC: Website

NIES: Website


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Adeolastan
Adeolastan
1 year ago

This is only major way that government can expedite industrialization in the country,we have lots of gas flaring in the Niger delta which can be converted into use by this industries at very affordable price.

Haykaylyon26
Haykaylyon26
1 year ago

The missing piece is the lack of basic gas infrastructure to facilitate the goal and it is huge amount to be spend on this lack of basic gas infrastructure for it to be achieve and suggested if their is partner that can partner in supporting the country energy it will help with the fund and man things possible

Iyanu12345ogg
Iyanu12345ogg
1 year ago

Having said and highlighting the significant impact of the NIES, I urged for continuity. I suggest, NIES continues as a worldwide event. Participation should be made compulsory all over the world also

Christiana
Christiana
1 year ago

National socioeconomic growth relies heavily on energy, making it a resource that must be constantly guaranteed. Gas is the only major energy source that can help diversify Nigeria’s economy.

Tolaniiii
Tolaniiii
1 year ago

Energy diplomacy is becoming increasingly important to the country’s external cooperation due to the growing importance of energy to national security and economic prosperity.

Kazeem1
Kazeem1
1 year ago

Energy is the most important resource for the socioeconomic growth of a nation and must always be insured. It is important to note that gas is the only major source of energy that may contribute to the economic diversification of Nigeria.

Godsewill Ifeanyi
Godsewill Ifeanyi
1 year ago

Energy diplomacy has developed into a vital component of the nation’s overall efforts to cooperate with other nations due to the growing importance of the sector’s role in both the maintenance and expansion of the national economy.

SarahDiv
SarahDiv
1 year ago

The world is advancing everyday but Nigeria is just walking backwards against the time in science, technology , socio-economic etc. Gas is a key factor in industrialization but has been under utilized in our country.

Taiwoo
Taiwoo
1 year ago

The Act provides incentives for entry into the midstream, particularly for investments in gas pipelines; this aids in the promotion of gas production, distribution, and consumption.

Chibuzor
Chibuzor
1 year ago

a strategy for accelerating the global energy transition plan, given its growing prominence as a forum for showcasing innovative research and development in the field.

Adesanyaj72
Adesanyaj72
1 year ago

In his remark, the Cameroonian ambassador to Nigeria emphasized the relevance of the energy industry on a worldwide scale. He was in Nigeria to meet with Nigerian officials. putting emphasis on the fact that initiatives of this kind had not taken place over the course of the years

Nwachukwu Kingsley
Nwachukwu Kingsley
1 year ago

We have a lot of gas being wasted by flaring in the Niger delta that could be put to good use by these enterprises at a very inexpensive price, and this is the only major method the government can speed up industrialisation in the country.

Hassan Isa
Hassan Isa
1 year ago

The lack of basic gas infrastructure is the piece that is missing to facilitate the aim, and there is a significant amount of money that has to be spent on this lack of basic gas infrastructure in order for it to be achieved.

Ultra0711
Ultra0711
1 year ago

The government efforts in the energy sector is noteworthy together with the NIES contribution the plan is sailing well.

DimOla
DimOla
1 year ago

There are several bottled-neck in our energy sector that has become an impediment to the country ascension into gas driving industrialized nation. These set of people needs to be eradicate to make this vision a reality.

Tonerol10
Tonerol10
1 year ago

Big grammar no dey surve problem. If only the government are ready to do the needfull

theApr
theApr
1 year ago

Due to the growing significance of energy to both national security and economic development, energy diplomacy is becoming more and more crucial to the nation’s international cooperation.

Remi1
Remi1
1 year ago

Given the increasingly significant contribution of energy to national security and economic growth, energy diplomacy has become an essential aspect of the country’s foreign cooperation.