The Vice President Yemi Osinbajo, on Tuesday in Abuja wooed investors to invest in Nigeria’s gas industry.
Osinbajo spoke at the opening of a two-day Domestic Gas Summit 2022 holding at the Abuja Chamber of Commerce and Industry (ACCI).
Our correspondent reports that the summit with the theme, “Building a Sustainable Gas Economy”, was initiated by the Energy Trade Group of ACCI.
Represented by Amb. Adeyemi Adebolu, the Special Adviser on Economic Matters, Office of the Vice President, Osinbajo urged investors to take advantage of the opportunities that exist in Nigeria gas sector.
According to the Vice President, the development of oil and gas resources is critical to Nigeria’s economic growth and revenue expansion as priority places on the transit from fossil fuel to gas.
“Government has adopted policies and passed legislation to increase the production and use of natural gas as a means of powering economic development.
“Most recently, the petroleum industry has provided clear terms and conditions for investment in the various aspects of gas development.
“The private sector and members of the chamber can now take advantage of the new laws and opportunities by rolling out investment in vast Infrastructure at this very time.
“It will not only ensure energy stability but also provide the need of various sectors of the income including transportation and agriculture as well as manufacturing,” Osinbajo said.
He said that the opportunities in the gas industry were limitless.
“Indeed the opportunities abound around things like cylinder, oil injections, auto gas, conversion of petrol and diesel, gas engines for transportation and logistics, gas for power and property liaison for steel and other productive uses.
“Invest in the sector through the various opportunities that exists.
“Government will continue to work hard to improve business environment, attack constraints and resolve concerns,” he said.
The Minister of Industry, Trade and Investment Otunba Adeniyi Adebayo, pledged that Federal Government would continue to encourage the utilisation of gas.
This he said would be done through the national gas expansion programme and the natural liquefied gas implementation plan.
While highlighting high gas pricing, foreign exchange fluctuation and inadequate gas transportation infrastructure as major challenges affecting the gas sector, Adebayo said they would be addressed by the new Petroleum Industry Bill 2021.
According to him, the Federal Government will continue to provide the needed infrastructure to ensure that gas contributed more to the development of the economy by creating jobs, drive foreign investments and improve Nigeria’s energy mix.
The President of ACCI, Dr Al-Mujtaba Abubakar, described gas as an important area of focus that must be given attention by stakeholders across the various government and business spectrum.
Represented by Prof. Adesoji Adesugba, 2nd Deputy President of ACCI, Al-Mujtaba said that gas had been identified as the energy of choice across board because it is cleaner, greener and safer.
According to him, within the context to save the planet movement, countries in Africa are working to device appropriate responses to explore gas as the alternative to energy.
“The debate is on as to what energy transition should mean for the peculiarities of each country.
“For Nigeria, the fossil fuel question stirs us in the face.
“Even though Nigeria is not a major contributor to global emission, the country as a responsible member of the international community has its commitment to keep.
“The need to diversify and consider gas above all becomes necessary due to its benefits economically, domestically and otherwise.
“The carbon reduction pledge made under the Paris agreement must be complied with.
“Unlike other countries without sustainable alternatives, Nigeria has an option and that is gas, a cleaner, green energy source,” Al-Mujtaba said.
Our correspondent reports that the summit provided the platform to expand engagements and discussions around the utilisation of gas as the alternative to fossil fuel.