WorldStage Newsonline– Nigeria’s Minister of State Petroleum Resources (Gas), Rt Hon. Ekperikpe Ekpo has assured that the Decade of Gas Initiative earlier declared by the ministry will transform Nigeria into a gas-powered economy by 2030.
In his address at the 23rd Annual Nigeria Oil and Gas Conference, Abuja with the theme: “Showcasing Opportunities. Driving Investment. Meeting Energy Demand” he said the initiative involves optimizing the entire gas value chain, from exploration and production to processing and utilization. The Decade of Gas is not just a policy declaration but a strategic vision to harness our gas resources for national development.
He said the Ministry is at the forefront of steering Nigeria towards a prosperous and sustainable energy future.
“Our mandate involves not only formulating policies and supervising their implementation in the oil and gas industry but also creating an enabling environment that fosters growth, innovation, and investment.”
Shedding light on how the ministry was fulfilling this role through our focus on showcasing opportunities, driving investments, and meeting energy demand, he said “the Ministry is committed to highlighting the vast opportunities within Nigeria’s gas sector. Through strategic initiatives and comprehensive policies, we aim to reveal the untapped potential across the entire value chain. Our natural gas reserves of 209 trillion cubic feet (tcf) are among the largest globally, offering immense possibilities for exploration, production, and utilization.
“We are particularly focused on promoting gas-based industries such as fertilizers, petrochemicals, and methanol. These industries not only diversify our economy but also create significant employment opportunities. By showcasing these prospects at forums like this conference, we aim to attract global attention and encourage partnerships that can drive growth and development.”
Describing investment as the lifeblood of the oil and gas sector, he said the Ministry had been instrumental in implementing reforms that make Nigeria an attractive destination for both local and international investors.
“The Petroleum Industry Act (PIA) 2021 and the recent Presidential Directive for Oil and Gas Companies on Tax Incentives, Exemption, Remission, etc. by His Excellency, President Bola Ahmed Tinubu, GCFR have created a conducive environment for investment.
“These reforms ensure transparency, accountability, and regulatory certainty, making Nigeria an attractive destination for investors.
“The regulatory frameworks now in place incentivize investment, streamline bureaucratic processes, and provide clarity on fiscal terms.
“A key initiative under our investment strategy is the Midstream and Downstream Gas Infrastructure Fund (MDGIF). The MDGIF is designed to catalyze investments in critical infrastructure projects in the midstream and downstream value chain. By addressing infrastructure gaps, we can significantly enhance the efficiency and reliability of our gas supply chain.
“Meeting the growing energy demands of our nation and the continent is a priority for the Ministry. We recognize that natural gas is central to achieving this goal, given its status as a cleaner and more efficient fuel. Our gas-to-power initiatives are pivotal, aiming to provide reliable and affordable electricity that supports industrialization and improves living standards.
“Additionally, we are promoting the use of Compressed Natural Gas (CNG) for vehicles, also known as Autogas. This initiative is not only a strategic response to cushion the effects of downstream deregulation but also a significant driver of market growth and job creation for Nigerians. The transition to Autogas presents numerous benefits, including efficiency, availability, accessibility, versatility, and environmental safety. By fostering the use of CNG and Liquefied Petroleum Gas (LPG), we are positioning Nigeria as a leader in clean energy solutions, enhancing both energy security and environmental sustainability.
“The Ministry is also committed to expanding domestic gas utilization. By fostering strategic partnerships and supporting innovative projects, we aim to enhance energy access and drive sustainable development. Our vision is to ensure that every Nigerian has access to affordable and reliable energy, thereby fostering economic growth and improving quality of life.”
Concluding that the theme of this year’s conference perfectly aligned with the Ministry’s vision and objectives, he said “It is a call to action for all stakeholders to collaborate, innovate, and invest in our shared future.
“The Ministry of Petroleum Resources is committed to leading this charge, ensuring that we leverage our natural resources for sustainable development. Let us embrace the opportunities before us, drive the necessary investments, and meet our energy demands with resilience and innovation.”
