The Speaker of the House of Representatives, Femi Gbajabiamila, has said the gas subsector in the petroleum industry holds key potential for Nigeria’s economy as the world looks outside the box from dependence on crude oil.
Gbajabiamila said, for this reason, experts in the gas sector should partner those in government for the development of the sector to achieve optimum results, noting Nigeria needs to maximise its natural gas resource.
The Speaker was quoted as saying this while receiving a delegation of the Nigerian Liquefied Natural Gas Limited in his office on Wednesday, according to a statement issued by his Special Adviser on Media and Publicity, Lanre Lasisi, titled ‘Gas holds key potential for Nigerian economy, Gbajabiamila says.’
Gbajabiamila noted that the ongoing legislative process on the Petroleum Industry Bill had provided an opportunity for the experts to collaborate with the House to incorporate a futuristic gas legislation that would be beneficial to Nigeria and Nigerians.
He said, “Definitely, it is now all about gas. Crude oil, as we know and which we all rely on, is not so infinite; its end is almost around the corner and we don’t want to be caught unawares. We have to be prepared for that day. That is why I agreed on the issue of the PIB and why, from the ground floor, the gas sector needs to key in and lock in its role in the piece of legislation that would come out in PIB.
“This is very important because the PIB is going to be there for ages and this is the time we need to key in the gas sector in framing that piece of legislation together. With our proven reserve and potential that will propel us from the 9th largest producer in the world to the 4th, that is a blessing we can’t overemphasise, as gas touches on every aspect of the economy.
“We are on the same page with you on the need to unlock the potential for the good of Nigeria.”
Earlier, the leader of the delegation and the Managing Director of NLNG Limited, Tony Attah, said as a result of the ongoing work on PIB, it was necessary to inform the Speaker of Nigeria’s 200tcf reserved proven and another 600tcf potential that needed to be proven.
According to Attah, combining the proven and potential (800tcf) would place Nigeria in a vantage position of being number 4 from 9th world largest producer of gas.
He said, “Being Number 4 is a game-changer that will continue to help Nigeria well into the future, irrespective of the energy transition and changing energy needs. We believe that the PIB is a major opportunity, and before it’s signed, we thought we would bring this to your attention.”