16 November 2016, Sweetcrude, Lagos – The Federal Government is seeking a gas-based industrial economy for the country, according to a proposal by the Ministry of Petroleum Resources.
The ministry revealed this in a document on industry reform, which also proposes that Nigeria needed to reform the oil sector or risk output falling.
The document released late week underpins industry reform stalled for a decade amid disagreements and political infighting over how best to manage the nation’s energy resources.
According to the proposal, the Federal Government seeks to end the country’s reliance on oil exports and shift to a “gas-based industrial economy.”
The move towards a gas-based industrial economy is also part of the Federal Government’s “Short and Medium Term Priorities to Grow Nigeria’s Oil and Gas Industry (2015 To 2019)”, also
tagged the “7BigWins”.
The government, under this arrangement, plans to fully commercialised the gas currently being flared in the country.
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who announced this in Abuja, disclosed that the abundant gas resources in Nigeria would be harnessed to generate wealth and save the environment by converting gas flares to power.
In addition, he noted that the Federal Government would open up commercial gas flare opportunities and drive Compressed Natural Gas. CNG; Liquefied Natural Gas, LNG, and Liquefied Petroleum Gas, LPG, programmes through incentives.