Nigerian Gas Association has said that Nigeria can grow its economy through investment opportunities in its gas sector which currently stood at $55billion.
President of the association, Mr.Bolaji Osunsanya, who disclosed this at a press conference weekend ahead of NGA’s business luncheon, expressed optimism for growth in key areas of gas sector such as exploration and production, processing, supply and distribution.
He said turning natural gas into a profit-making venture required huge investments in infrastructure that address the five component areas of gas availability, affordability, deliverability, funding, legal and regulatory framework.
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 1,000 MW 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 maintained that Nigeria’s gas reserves could hit 16.8trillion cubic meters compared to the current proven level of 5.2trillion cubic Meyers, if deliberate measures were taken to explore for gas as opposed to coincidental discovery during oil exploration.