Minister of State Petroleum Resources, Chief Timipre Sylva has stressed Nigeria’s readiness to use gas to help fast-track the country’s industrialisation agenda.
Speaking at a dinner with the diplomatic community in Abuja, on Tuesday night, Sylva noted that gas is the only single energy source that can help Nigeria diversify the economy.
He also noted that gas is the sure way for Nigeria to bridge it’s energy gap.
Nigeria has a proven gas reserve of 206 TCF with a potential upside of up to 600 TCF.
Sylva said: “The answer is not far-fetched: Energy is the basic resource for national socio-economic development and it must be secured at all times. As a result of its rising impact on national security and economy, the need to safeguard energy and ensure availability, reliability and affordability has made energy diplomacy an essential part of every country’s foreign cooperation”.
The minister said “It is important to stress that Nigeria’s vehicle of choice on the energy transition journey is natural gas. Much has been done towards harnessing this huge potential to provide the energy needed for our growing population in terms of power generation, transport, feedstock for industries and clean cooking solutions.
“It is disheartening that Nigeria is still energy-poor despite our enormous energy resources, which include over 200 TCF of proven natural gas reserve with a potential upside of up to 600 TCF. Majority of our people still lack access to reliable electricity and clean cooking fuels, and our pursuit is to significantly reduce this menace, with the hope of ending energy poverty in the country soonest”.
Sylva said in order to reap the benefit of it’s gas resources, authorities have deepened natural gas utilization under the National Gas Expansion Programme (NGEP).
“We have rolled out the Autogas scheme with the aim of displacing PMS with CNG and LPG. This will reduce PMS use and minimize CO2 emissions,” he added.
The minister hailed the passage of the Petroleum Industry Act 2021, saying “it is a game changer for the oil and gas sector”.
“The Nigerian Energy Industry has undergone positive reforms with the passage of the Petroleum Industry Act (PIA) 2021. The PIA 2021 has paved the way for new investment, create jobs, support economic and energy diversification and place Nigeria in a position of being able to not only meet our energy needs, but help support the world’s rising energy demands. The Act has generous incentives to encourage the development, distribution, penetration, and utilization of gas – as it incentivizes entry into the midstream, especially for investment in gas pipelines,” he further said.
He therefore, called on the international community to support Nigeria’s effort at maximising it’s resources in the face of global energy transition plans.
“Ladies and Gentlemen, it is important that we continue to talk, listen to each other and craft pathways that are mutually beneficial in the area of energy security. I would therefore like to invite you all to support Nigeria’s call for partnership and investment in our energy industry in the true spirit of cooperation.”
He said Nigeria will continue to use the Nigeria International Energy Summit (NIES) to accelerate global energy transition agenda as it continues to “promote energy efficiency and renewable technologies. It is also fast becoming a platform for showcasing engineering and technological breakthroughs in the energy sector.”
