The Federal Government of Nigeria has expressed dissatisfaction with the annual revenue of $5 billion generated from natural gas, citing significant untapped potential in the sector.
Nigeria’s Vice President, Senator Kassim Shettima, made this revelation at the 6th Valuechain Energy Magazine Annual Lecture & Awards in Abuja.
Senator Shettima pointed out that Nigeria’s earnings from gas were only 40% of what Egypt generates, despite Egypt having gas reserves that are approximately 30% of Nigeria’s. He emphasized that substantial investments were required to unlock the full potential of the gas sector and warned that failure to make these investments could result in a gas supply deficit of up to 10 billion scuff feet per day by 2030.
The Vice President stressed the need for both public sector leaders and industry leaders to work collaboratively to develop Nigeria’s gas resources to their fullest potential. He cited examples of underutilized LNG assets at a time when international demand for LNG was high.
Senator Shettima also underlined the government’s commitment to establishing essential gas infrastructure, highlighting the growth and economic opportunities that come with such investments, particularly in areas like the Escravos-Lagos-Pipeline System and its branches.
The Publisher/CEO of Valuechain Media Group, Mr. Musa Bashir Usman, called for cooperation between industry stakeholders and the government to advance the gas sector. He explained that the 6th lecture aimed to emphasize the vital role of midstream gas development in Nigeria’s energy transition.
The Emir of Kano, Alhaji Aminu Ado Bayero, commended the Federal Government, NNPC Limited, and other entities involved in the Ajaokuta-Kaduna-Kano gas pipeline project, recognizing its potential to stimulate economic growth and link communities, states, and cultures along the corridor.
