The Nigerian federal government has said that the value of Nigeria’s proven gas reserve of about 206.53 trillion cubic feet was over $803.4 trillion while also adding that the country has the most extensive gas resource in Africa.
At the 2022 annual public lecture of the Nigerian Society of Engineers, Bwari branch, Abuja, the minister of state, petroleum while speaking, explained 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.
The minister of state, petroleum also admitted that the government has a key role to play in energizing the private sector to act so that Nigeria’s economy can compete on a global scale.
He listed its three major priorities as security of supply, economic competitiveness and reduction of greenhouse gas emissions. He further stated “at present, only gas can meet all three priorities simultaneously. This puts Nigeria with approximately 206.53 trillion cubic feet of proven gas valued at over $803.4 trillion and potential upside of 600 trillion cubic feet of gas, the most extensive in Africa and in the top 10 globally. And luckily for Nigeria, the European Union has proposed labeling 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, a decade of fully gas-powered economy and natural gas.
He also said that the ministry of petroleum resources was ready to collaborate with the Nigerian Society of Engineers on the decades of gas journey because engineering is about the knowledge and practice of solving problems.