The Government declared its desire to use gas to track industrialization.
The Federal Government declared on Tuesday night that it was prepared to use gas to accelerate Nigeria’s industrialization goal. Chief Timipre Sylva, the Minister of State for Petroleum Resources, made this announcement during a dinner with the diplomatic community in Abuja and pointed out that gas was the only energy source that could assist Nigeria to diversify its economy. Nigeria has a proven gas reserve of 206 trillion cubic feet, with an additional 600 trillion cubic feet of reserve possible.
“Energy is a fundamental resource for the socioeconomic development of a country, and it must always be secured. The necessity to secure energy and assure its availability, dependability and affordability has made energy diplomacy a crucial aspect of any country’s diplomatic cooperation due to its growing impact on national security and the economy,” he said. Sylva claims that Nigeria has implemented the auto-gas program in an effort to replace the country’s excessive use of gasoline and to replace it with Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG). According to him, this will minimize carbon emissions and cut down on the consumption of gasoline.
The PIA is as a game changer for the oil and gas sector.
He said, “It is crucial to emphasize that natural gas is Nigeria’s preferred mode of transportation for the country’s energy transition. There has been significant progress made in utilizing this enormous potential to supply the energy required by our expanding population in terms of power generation, transportation, industrial feedstock, and clean cooking options. Despite our vast energy resources, which include over 200 TCF of confirmed natural gas reserves with a potential upside of up to 600 TCF, Nigeria is still energy-poor, which is depressing. The majority of our population still lacks access to dependable electricity and clean cooking fuels, and we are working to drastically minimize this threat in the hopes of swiftly putting an end to energy poverty in the nation.”
Sylva applauded the passing of the Petroleum Industry Act (PIA) 2021 and said it would revolutionize the oil and gas industry. The Petroleum Industry Act (PIA) 2021 has resulted in constructive reforms for the Nigerian oil sector. The PIA 2021 has paved the door for new investments, produced jobs, supported economic and energy diversification and put Nigeria in a position to not only be able to satisfy our own energy needs but also to support the expanding energy demands of the rest of the globe.
Minister called on the international community to support the plan.
In light of the action plan for a global energy transformation, the minister urged the international community to support Nigeria’s efforts to maximize its resources. It is crucial that we keep communicating, paying attention to one another, and developing mutually advantageous routes in the area of energy security. In the real spirit of cooperation, he continued, by saying that he would like to invite everyone to support Nigeria’s call for partnership and investment in our energy sector.
According to Sylva, Nigeria would keep promoting energy efficiency and renewable technology while using the Nigeria International Energy Summit (NIES) to advance the global energy transition agenda. He continued saying that it is also quickly evolving into a forum for displaying engineering and technology advancements in the energy sector. He praised the ambassadors for the effort that they had made in order to keep Nigeria’s ties with all the other various nations alive which had been a success.
NIES continues international event with participation all over the world.
The Dean of the Diplomatic Corps, Mr. Salaheddine Abbas Ibrahima, who also serves as Cameroon’s envoy to Nigeria, stressed the significance of the energy sector globally and said that such an endeavor had not taken place in years during his remarks. He emphasized that the NIES continues to be an international event with participation from all over the world and urged continuing cooperation as the program approaches. Other speakers at the event included Simbi Wabote, Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Chairman of the Independent Petroleum Producers Group (IPPG), Abdulrasaq Isa, Chairman of the Petroleum Technology Association of Nigeria (PETAN), and others.
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