The Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti, has said Nigeria will need at least $30 billion (about N12.4 trillion) to meet the local energy demand.
Wunti, who spoke at a session of the Nigerian International Energy Summit (NIES) in Abuja, called for more Foreign Direct Investments (FDI) and Domestic Direct Investments (DDI) to meet the funding need.
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He said, “I don’t know how many Nigerian banks can give me 200 million naira now, talk less of $200 million. But you know what? I need $30 billion dollars today to be able to cover my domestic needs.
“I don’t think we have that capacity. Our investment is going higher, and it’s hovering between $2 billion to $2.5 billion foreign direct investment.”
Shortly after Wunti had spoken, the NNPC Limited and its Joint Venture Partners: Shell, TotalEnergies, NAOC, and Eni signed a gas sales and aggregation agreement with Dangote Fertilizer to supply 70 million cubic feet of gas daily to the plant in Lagos.
The Group Managing Director and CEO of NNPC Ltd, Mele Kyari, at the pact signing ceremony, said the gas would be delivered to the Train-2 of Dangote Fertilizer. He said, “This increases gas utilisation in the domestic market but more importantly it is the platform that will enable increased local production of fertiliser in our country. It will accommodate the government drive to ensure that we are self-sufficient in fertiliser production in our country”.
In his remarks, Charman of Dangote Group, Alhaji Aliko Dangote, said with the deal, Nigeria would be an exporter of fertilizer which could earn the country about $1.8 billion in foreign exchange.
