29 June 2016, Sweetcrude, Lagos – There are currently over $55 billion worth of investment opportunities in the Nigerian gas sector, the Nigerian Gas Association has said.
President of the association, Mr. Bolaji Osunsanya, who disclosed this in Lagos, expressed optimism for the growth of the gas sector.
He said turning natural gas into a profit-making venture requires huge investment in infrastructure that address the five component areas of gas availability, affordability, deliverability, funding, and legal and regulatory framework.
He said Nigeria must continue to keep alive discourse on the role of gas in Africa’s energy mix, even as he expressed hope in the development of a strong gas industry in Nigeria.
According to him, there would be wider environmental benefits for Nigeria if increased gas use displaces some elements of coal-fired energy generation.
He also said the Nigerian economy would benefit from gas developments through increased energy security and increased availability of natural gas which would enable the country to maintain its drive in the gas-to-liquids sector.
He said:”With 1,000mw of Independent Power Plant capacity idle due to lack of gas delivery, indigenous players are making significant strategic investments in gas and virtual pipelines to power IPPs and industrial customers.
“Also, the gradual movement of the market towards the concept of willing buyer, willing seller, and the government’s willingness to ensure an investment-friendly environment, bode well for Nigeria’s long term gas development,” he said.