March 24, 2021

Gas holds key potential for Nigerian economy, Gbajabiamila says

The Speaker of the House of Representatives, Rep. Femi Gbajabiamila, has said that the gas sector holds key potential for the Nigerian economy as the world looks outside the box from dependence on crude oil.

Gbajabiamila said, for this reason, experts in the gas sector should partner those in government for the development of the sector to achieve optimum results, noting Nigeria needs to maximize its natural gas resource.

Speaking while receiving a delegation of the Nigerian Liquified Natural Gas (NLNG) in his office on Wednesday, Gbajabiamila said the on-going process of passing the Petroleum Industry Bill (PIB) had provided an opportunity for the experts to collaborate with the House to incorporate a futuristic gas legislation that would be beneficial to Nigeria and Nigerians.

“Definitely, it’s now all about gas. Crude oil, as we know and which we all rely on, is not so infinite; its end is almost around the corner, and we don’t want to be caught unawares. We have to be prepared for that day.

“That is why I agreed on the issue of the PIB and why, from the ground floor, the gas sector needs to key in and lock in its role in the piece of legislation that would come out in PIB.

“This is very important because the PIB is going to be there for ages and this is the time we need to key in the gas sector in framing that piece of legislation together.

“With our proven reserve and potential that will propel us from the 9th largest producer in the world to the 4th, that’s a blessing we can’t overemphasize as gas touches on every aspect of the economy.

“We are on the same page with you on the need to unlock the potential for the good of Nigeria,” he said.

In a statement by his Special Adviser on Media and Publicity Lanre Lasisi, the Speaker was quoted as saying, “We look forward to sittings like this where we can collaborate and work together for one and one purpose only- to move this country forward and develop our economy, infrastructure and put this country on the line of economic growth.

Earlier, the leader of the delegation and the Managing Director of NLNG Limited, Tony Attah, said as a result of the ongoing works on PIB, it was necessary to inform the Speaker of Nigeria’s 200 tcf reserved proven and another 600 tcf potential that needed to be proven.

According to him, combining the proven and potential (800tcf) would place Nigeria in a vantage position of being number 4 from 9th world largest producer of gas.

“Being number 4 is a game-changer that will continue to help Nigeria well into the future, irrespective of the energy transition and changing energy needs.

“We believe that the PIB is a major opportunity, and before it’s signed, we thought we would bring this to your attention,” he added.

Signed:
Lanre Lasisi, Special Adviser on Media and Publicity to the Speaker, House of Representatives, Federal Republic of Nigeria.