$3bn investment in gas sector underway – FG
The federal government said it is making significant strides to unlock investment in Nigeria’s gas sector as part of a move to address financial difficulty facing the energy sector. The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, disclosed that the Gas Sales Purchase Agreement (GSPA) for the Brass Methanol Project would inject $3 […]
rt hon. ekperikpe ekpo
The federal government said it is making significant strides to unlock investment in Nigeria’s gas sector as part of a move to address financial difficulty facing the energy sector.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, disclosed that the Gas Sales Purchase Agreement (GSPA) for the Brass Methanol Project would inject $3 billion into Nigeria’s gas industry.
According to him, the investment will not only enhance the country’s position in the global gas market but also stimulate the local economy by creating jobs and expanding its industrial base.
He spoke during the 2024 Strategic International Conference of the Association of Energy Correspondents of Nigeria in Lagos.
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He said, “We are well aware of the financial challenges involved in driving energy development in Nigeria, particularly in the gas sector. However, we are making significant strides in unlocking investments.
“One major milestone is the forthcoming Gas Sales Purchase Agreement (GSPA) for the Brass Methanol Project, which will inject $3 billion into Nigeria’s gas industry. This investment will not only enhance Nigeria’s position in the global gas market but also stimulate the local economy by creating jobs and expanding our industrial base.
“In Nigeria, we have abundant natural gas, which is more environmentally friendly than other fossil fuels, and offers a crucial opportunity to serve both domestic and international markets. It is through gas that we can address our energy access challenges, power our industries, and improve the standard of living for our people. But it also provides us with the flexibility to meet our global commitments to reduce carbon emissions, making it a vital component in our transition to cleaner energy”.
He stated that as stipulated in the Petroleum Industry Act PIA 2021, the government had constituted the Midstream and Downstream Gas Infrastructure Fund (MDGIF) to address critical financing gaps in infrastructure development.
“This will go a long way in ensuring that our gas resources are efficiently harnessed and delivered to the market,” he added.