…Audrey Joe-Ezigbo urges stronger infrastructure, payment discipline and financing to unlock domestic gas investment

LAGOS, Nigeria — October 2026 — Nigeria must strengthen coordination across regulation, infrastructure, market design and financing to build a commercially viable and investable domestic gas market by 2028, Audrey Joe-Ezigbo, Co-Founder and Chief Executive Officer of Falcon Corporation Limited, has said.

Joe-Ezigbo made the call while delivering the keynote address, titled “Powering Nigeria’s Domestic Gas Market: From Policy Architecture to a Functioning Market,” at the 4th Gas Investment Forum in Lagos.

The forum brought together stakeholders across Nigeria’s gas value chain, including representatives of the Ministry of Petroleum Resources (Gas), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited, the Decade of Gas Secretariat, the Nigerian Gas Association (NGA), the Association of Local Distributors of Gas (ALDG), investors and industry operators.

According to the Falcon chief executive, Nigeria has reached a critical stage in its efforts to develop a competitive domestic gas market, with several policy and regulatory frameworks already established or evolving.

She identified the Petroleum Industry Act (PIA), the evolving fiscal regime, NNPC’s Gas Master Plan 2026, the Domestic Base Price framework and the planned transition to a willing-buyer, willing-seller market in September 2028 as important foundations for the sector’s development.

However, she stressed that the next phase must focus on implementation, particularly improving gas delivery, strengthening commercial discipline and building investor confidence to attract long-term capital.

“The real measure of progress will not be the size of our reserves or the number of announcements we make. It will be gas delivered to the customer, invoices paid when due, and capital that the market has enough confidence to keep. That is how Nigeria builds a functioning domestic gas market and earns global leadership,” Joe-Ezigbo said.

Five Priorities for Nigeria’s Domestic Gas Market

Joe-Ezigbo identified five critical factors that will determine the success of Nigeria’s domestic gas market: reliable gas deliverability, creditworthy demand, effective market design, improved market access, and access to capital at competitive rates.

She argued that although Nigeria possesses substantial gas resources, inadequate infrastructure and weaknesses in commercial arrangements continue to constrain the efficient movement of gas from producers to end-users.

According to her, some of the quickest gains could come from optimising existing infrastructure rather than relying exclusively on new projects.

She highlighted the need to strengthen gas-gathering systems, expand compression capacity, improve gas conditioning and increase access to available processing facilities.

“The challenge is increasingly less about gas availability and more about the infrastructure and commercial structures needed to move it efficiently through the value chain,” she said.

The remarks underscore the importance of addressing infrastructure bottlenecks that prevent Nigeria from fully converting its gas resources into reliable industrial energy supplies, electricity generation and commercial opportunities.

Gas-to-Power Payments Critical to Investor Confidence

The Falcon CEO also identified creditworthy demand, particularly in the power sector, as essential to sustaining investment across Nigeria’s gas value chain.

She acknowledged efforts to address historical payment obligations in the electricity industry but warned that clearing outstanding debts would not be sufficient without mechanisms to prevent new arrears from accumulating.

According to her, investors considering new gas developments and midstream infrastructure require confidence that future payments will be made reliably and contractual obligations honoured.

“Creditworthy demand matters just as much, particularly in the power sector. We acknowledge the efforts to address legacy obligations, but settling historical debt must be accompanied by mechanisms that protect future cash flows and prevent arrears from rebuilding,” she said.

She added that the reliability of future payments and the strength of contractual relationships across the value chain would remain central to investment decisions.

The issue is particularly significant for gas suppliers and infrastructure developers whose revenues depend on payments from electricity generators and other large industrial customers.

Without predictable cash flows, financing costs could rise, projects could be delayed and the development of additional gas infrastructure could become more difficult.

Distribution Networks, CNG and LPG Can Expand Gas Access

Joe-Ezigbo also called for greater investment in the final stages of the gas value chain, particularly distribution networks, virtual pipelines, liquefied petroleum gas (LPG) infrastructure and compressed natural gas (CNG) deployment.

She noted that trunk pipelines remain important, but expanding access to industrial clusters, commercial users and households will require viable distribution businesses supported by clear commercial arrangements.

Such arrangements, she said, should include well-defined franchise structures, transparent tariff frameworks and practical solutions to foreign-exchange exposure.

Expanding distribution capacity would help connect more consumers to Nigeria’s gas resources, broaden the domestic market and create additional opportunities for private-sector investment.

It could also support industrial competitiveness by improving access to gas for manufacturing and commercial activities, while strengthening the role of gas in Nigeria’s wider energy transition.

Falcon CEO Outlines Six Priorities for 2028 Gas Market Transition

To accelerate the development of an investable domestic gas market by September 2028, Joe-Ezigbo outlined six priorities for government, regulators, operators and financiers.

First, publish a transparent sector scorecard. Regular reporting on market-transition milestones would help stakeholders assess progress, identify implementation gaps and strengthen accountability.

Second, secure future gas-to-power cash flows. Sustainable payment arrangements are needed to prevent a recurrence of historical arrears and give gas suppliers greater confidence in the creditworthiness of their customers.

Third, sequence market deregulation carefully. The transition to a willing-buyer, willing-seller framework should be supported by clear rules, credible market structures and sufficient preparation across the value chain.

Fourth, remove midstream infrastructure bottlenecks. Better coordination of approvals, infrastructure aggregation and improved utilisation of existing facilities could accelerate gas delivery and reduce avoidable project delays.

Fifth, expand naira-denominated financing. Increasing access to local-currency funding for gas-distribution infrastructure could help reduce exposure to foreign-exchange volatility and improve the bankability of domestic projects.

Sixth, position verified low-methane gas as a competitive advantage. Demonstrating credible methane-management performance could strengthen Nigeria’s appeal to investors and buyers increasingly focused on emissions performance and environmental standards.

Together, these measures would help create a more predictable operating environment for investors while improving the commercial links between gas producers, infrastructure operators, distributors and end-users.

Coordinated Action Needed to Unlock Nigeria’s Gas Potential

Joe-Ezigbo concluded that building a functioning domestic gas market would require shared accountability among government, operators, gas buyers and financiers.

Each participant, she said, must play a clearly defined role in ensuring reliable supply, credible demand, predictable regulation and access to long-term capital.

For Falcon Corporation, Nigeria’s next phase of gas-sector development will depend not simply on the scale of its reserves, but on its ability to convert those resources into reliable deliveries, honoured commercial obligations and sustainable investments.

The transition toward a willing-buyer, willing-seller market in 2028 therefore represents an important milestone. Its success, however, will depend on whether Nigeria can resolve the infrastructure, financing and payment challenges that continue to constrain the domestic gas value chain.

The broader challenge is to transform the country’s gas potential into a dependable source of industrial growth, electricity generation, investment and economic value.