The government of Nigeria yesterday revealed that Nigeria’s 206 Trillion Cubic Feet (TCF) of gas is now valued at $803.4 trillion.
Nigeria has however failed to advantage of both local and international demand, liberated by Ukraine-Russia war, to increase supply to Europe.
Speaking at the 2022 Annual Public Lecture of the Nigerian Society of Engineers (NSE) Bwari Branch, Abuja, Minister of State, Petroleum, Mr. Timipre Sylva, insisted that the growth of Nigeria’s gas reserves was a critical lever to achieving the government’s “Decade of Gas Initiative,’’ aimed at transforming Nigeria to a gas-powered economy by 2030.
Admitting that government has a key role to play in energising the private sector to act, Sylva listed the three major priorities as security of supply, economic competitiveness, and a reduction of greenhouse gas emissions.
“At present, only gas can meet all three priorities simultaneously. This puts Nigeria with approximately 206.53 trillion cubic feet (TCF) of proven gas valued at over $803.4 trillion and potential upside of 600TCF of gas, the most extensive in Africa, and in the top 10 globally.
“And luckily for Nigeria, the European Union has proposed labelling natural gas as a ‘green energy’ source, a development that could translate into huge economic value for Nigeria.
“The decade of gas is a decade of opportunities – ranging from a decade of elimination of gas flaring, a decade of more domestic Liquefied Petroleum Gas (LPG), a decade of fully gas-powered economy and natural gas,” the minister said.
He noted that natural gas would play a critical and long-term role in achieving energy security and enhancing environmental outcomes for Nigerians as the global energy sector undergoes unprecedented change.