The Nigeria’s gas infrastructure would require between $15 billion to $20billion to build, says Oando Plc
It, however, added that, government alone would be unable to realise this, calling on the private sector to work with the government to deliver on this.
Advocating a collaboration between the private and public sectors to unlock Nigeria’s Gas Potential, doing so, it added, will guarantee smooth energy transition and sustainable economic development
The deputy group chief executive of Oando Plc, Omamofe Boyo who made the call while delivering a thought-provoking speech on ‘Realising Nigeria’s Gas Potential: A Private Sector Perspective’ at the just concluded NOG Energy Week in Abuja, shared his views on the utilisation of gas for domestic consumption in Nigeria.
He stated that, although the country has been down this road for over 30 years, it has yet to utilise gas for domestic consumption for a variety of reasons.
Boyo highlighted that Nigeria started a system whereby competing fuels were subsidised, which prevented the market from growing independently, noting that, additionally, Nigeria emphasised earning foreign currency from gas exportation rather than utilising it domestically.
According to him, the investment and emphasis were put on oil rather than gas, which resulted in the infrastructure carrying oil being prioritised.
Boyo proposed a holistic approach to increasing local consumption and investment in gas, which requires a level playing field and adequate regulatory capacity.
Boyo concluded that Nigeria needs to prioritise harnessing its gas resources and ensure an enabling environment with clearly defined opportunities for the private sector to fund and work in partnership with the government.
Industry leaders, such as; group chief executive officer of NNPC Limited, permanent secretary of the Ministry of Petroleum Resources, Federal Republic of Nigeria, as well as other energy enthusiasts, were present during Boyo’s presentation at the conference.
