President Muhammadu Buhari says his administration will transform Nigeria into an industrialised nation through the gas sector.
He spoke on Monday at the pre-summit conference of the Nigeria International Petroleum Summit (NIPS) and the official launch of the ‘Decade of Gas in Nigeria’.
The President said the declaration of the decade of gas will set the tone for the development of the industry in the next ten years.
President Buhari added that with the country’s potential of about 600 trillion cubic feet of gas, the commodity has the potential to diversify Nigeria’s economy.
“The rising global demand for cleaner energy sources has offered Nigeria an opportunity to exploit gas resources for the good of the country. We intend to seize this opportunity,” he said.
Buhari said Nigeria is blessed with more gas than oil but the country has focused more on the latter over the years.
He also said his administration is committed to confronting the status quo by improving gas development and utilisation.
“That is the paradox that this administration decided to confront when we declared the year 2020 as ‘The Year of Gas’ in Nigeria,” he said.
“It was a bold statement to demonstrate the resolve of this administration that gas development and utilisation should be a national priority to stimulate economic growth, further improve Nigeria’s energy mix, drive investments, and provide the much-needed jobs for our citizens in the country.
“Before the declaration of Year 2020 as The Year of Gas, this administration had shown commitment to the development of Nigeria’s vast gas resources and strengthening of the gas value chain by reviewing and gazetting policies and regulations to enhance operations in the sector as encapsulated in the National Gas Policy of 2017.
“Our major objective for the gas sector is to transform Nigeria into an industrialised nation with gas playing a major role and we demonstrated this through enhanced accelerated gas revolution.”
President Buhari affirmed that later this year, Nigeria will host the 4th International Petroleum Summit in Abuja.
He invited delegates at the NIPS Pre-Summit to attend the flagship event of the Ministry of Petroleum Resources that ‘‘will once more allow us to engage our partners and friends from around the world, exchange ideas and policy options and set the tone for the industry in the next few years.’’