President Muhammadu Buhari says Nigeria Liquified Natural Gas (NLNG) has generated $114 billion in revenues over the years, $9 billion in taxes, $18 billion in dividends to the Federal Government and $15 billion in feed gas purchase.
President Buhari said this Monday at the virtual Nigeria International Petroleum Summit (NIPS) 2021 Pre-Summit Conference and official launch of the Decade of Gas.
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The President said these achievements by NLNG which contributes about one percent to the nation’s Gross Domestic Products (GDP)
were accomplished with 100 percent Nigerian Management and 95 percent Nigerian workforce.
President Buhari promised that his administration would fully utilize the enormous gas resources in the country to uplift the economy and drive industrialization.
He charged all other relevant Ministries, Departments, and Agencies (MDAs) on the need to partner with the international oil companies, the indigenous oil companies and financial institutions to actualize the dream of fully utilizing our gas resources to uplift our economy.
He said given the country’s potential of about 600 trillion cubic feet of gas, the commodity has the enormous potential to diversify Nigeria’s economy.
‘‘The rising global demand for cleaner energy sources has offered Nigeria an opportunity to exploit gas resources for the good of the country. We intend to seize this opportunity,’’ he said in a statement issued by his spokesman, Femi Adesina.
The President told participants at the Pre-Summit that while his administration has prioritized gas development and recorded remarkable progress, it is well known that Nigeria is a gas nation with a little oil, but the country has focused on oil over the years.
‘‘That is the paradox that this Administration decided to confront when we declared the year 2020 as “The Year of Gas” in Nigeria.
‘‘It was a bold statement to demonstrate the resolve of this Administration that gas development and utilization should be a national priority to stimulate economic growth, further improve Nigeria’s energy mix, drive investments, and provide the much-needed jobs for our citizens in the country.
‘‘Before the declaration of Year 2020 as The Year of Gas, this Administration had shown commitment to the development of Nigeria’s vast gas resources and strengthening of the gas value chain by reviewing and gazetting policies and regulations to enhance operations in the sector as encapsulated in the National Gas Policy of 2017.
‘‘Our major objective for the gas sector is to transform Nigeria into an industrialized nation with gas playing a major role and we demonstrated this through enhanced accelerated gas revolution,’’ he said.
The President, while listing what his administration has done to energise the sector, said the development of gas infrastructure has commenced along with the domestic utilization of LPG and CNG, as well as the process of commercializing gas flares, development of industrial and transport gas markets, and increasing gas to power.
He described the NLNG as the Federal Government’s arrowhead in the reduction of gas flaring in Nigeria.
President Buhari said that later this year, Nigeria will host the 4th International Petroleum Summit in Abuja.
He invited delegates at the NIPS Pre-Summit to attend the flagship event of the Ministry of Petroleum Resources that ‘‘will once more allow us to engage our partners and friends from around the world, exchange ideas and policy options and set the tone for the industry in the next few years.’’
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