The federal government has said the newly inaugurated Nigeria Gas Transportation Network Code will deepen the growth of the gas market in the country and increase the investments in the sector.
The Minister of State for Petroleum Resources, Timipre Sylva, who disclosed this at the Virtual launch of The Go-Live of the Nigerian Gas Transportation Network code, in Abuja, said the Code would also make Nigeria a major gas market for both national and International Investors and consumers.
He said the new gas code would also unleash Nigeria’s potential of accelerated growth and economic development.
“In the coming months, this Code, together with related interventions, will enable improved gas supply to power, growth of Gas Based Industries (GBIs), domestic Liquefied Natural Gas (LNG), Liquified Petroleum Gas (LPG) and Compressed Natural Gas (CNG) penetration as well as enhanced revenue to government and creation of opportunities for our teeming populace.”
The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mele Kyari, noted that the network code marks the beginning of progress for the industry.
“Some of our financing structures are hinged on tariffs on gas transportation. We can’t get that right until there’s the right framework which the network code provides.”
The Director/CEO of Department of Petroleum Resources (DPR), Sarki Auwalu, said the code would ensure Nigeria’s gas reserve base of 203.16 trillion cubic feet was optimally put to good economic use through the implementation of a robust, transparent open access regime.
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