…  says “Nigeria holds over 206 tcf of gas reserves, ranking 9th globally, largest in Africa”

Oredola Adeola

industrial feedstock

Ed Ubong, Coordinator of the Decade of Gas Initiative, has identified natural gas as not only a fuel but also as an essential industrial feedstock that can enhance Nigeria’s electricity generation capacity, reduce energy costs, and ensure more reliable electricity supplies for households, businesses, and industries.

He revealed that the industrialization of Nigeria lies solely in building a robust domestic gas market to sustain key industries such as petrochemical plants, fertilizer plants, and manufacturing.

Ubong stated this while delivering his keynote address during the second Panel at the NAEC Annual Strategic International Conference 2024, hosted by the Association of Energy Correspondents of Nigeria (NAEC) at Eko hotel, Victoria Island, Lagos

Speaking on the topic— Actualizing the Decade of Gas: Powering Nigeria’s Energy Sufficiency, Industrialization, and Economic Prosperity, he stressed the need for increased investment in gas pipelines and gas-fired power plants to unlock the full potential of the sector.

He further stated that a gas-driven economy will create jobs for millions of Nigerians, boost the growth of small and medium sized enterprises (SMEs) and stabilise the economy.

The Coordinator of the Decade of Gas Initiative noted that the Decade of Gas Initiative seeks to leverage the country’s abundant natural gas resources for economic development.

According to him, with an estimated over 206 trillion cubic feet, Nigeria is regarded as the largest holder of gas reserves in Africa and 9th in the world.

He stated that those reserves are not only a national asset but a global one, as it provides the foundation for energy security, industrialization, and economic growth.

“The Decade of Gas initiative, launched in 2021 by the Federal Government of Nigeria, represents a concerted effort by the government and private sector to leverage the country’s abundant natural gas resources for economic development and energy transition with a view of powering the country into development and economic growth over the next decade, anchoring on energy sufficiency, industrialization, and economic prosperity.

“The ongoing construction of OB3, AKK, ELPs, etc., and investments in LNG facilities as well as gas processing plants are game changers for Nigeria’s energy landscape.

“We will need to ensure that we strengthen regulatory frameworks, deepen partnerships between international energy companies, and strive toward the goal of creating an enabling investment environment that attracts investment and builds investors’ confidence,” Ubong said.