The Federal Government says the country is willing to open its gas fields for meaningful investments as it continues in its bid to expand national gas consumption and bridge the gap between resources and the industries, power plants, businesses and households that need them.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, disclosed in his speech at the Association of Energy Correspondents of Nigeria (NAEC) Conference on Thursday, where he spoke on the theme ‘Access To Asset: Empowering Players & Driving Growth’.
According to the Minister, the Federal Government has continued to prioritise critical gas infrastructure projects such as the AKK and OB3 Gas Pipelines, which are critical to strengthening the national gas network and connecting supply with major demand centres, to encourage more investments.
Ekpo also noted that the government was also focused on enabling a conducive business atmosphere for investments.
“We are also focused on creating a more attractive environment for investment. The reforms introduced under the Petroleum Industry Act 2021, together with targeted fiscal and regulatory measures for gas development, are intended to improve competitiveness, reduce barriers and enhance project bankability,” the minister said. “Our message to credible investors is clear: Nigeria is open for responsible investment in its gas sector.”
He explained that FG realises the importance of collaborations with other stakeholders in terms of capital, technology and other resources.
“We recognise that government cannot develop the sector alone. We need the capital, technology, expertise and commercial discipline of the private sector.
“We also need stronger collaboration among regulators, financial institutions, development partners and industry players to ensure that viable gas projects can move from concept to final investment decision and, ultimately, production.”
Ekpo noted that investments are not expected from just foreigners but also from local players.
“Importantly, the opportunities created by our gas resources must not be limited to a few large players. We want to see greater participation by indigenous companies, independent producers, infrastructure developers, technology providers and emerging energy businesses.
“Empowering more capable Nigerian players will deepen competition, strengthen local capacity and ensure that a greater share of the value created within the energy sector remains in the Nigerian economy,” Ekpo said.
He emphasised that another major goal of the Federal Government was to improve gas utilisation nationwide, especially through the Compressed Natural Gas (CNG) initiative.
The Minister also added that the gains of gas resources must translate to economic wealth for the masses. Our objective is also to maximise domestic gas utilisation. We must increasingly convert our gas resources into value-added products rather than viewing gas solely as a commodity for export.
“Gas-to-power, LNG, LPG, CNG, fertiliser, petrochemicals and other gas-based industries offer enormous opportunities for investment, industrial development and job creation,” he said.
“In this regard, the Government’s initiatives to expand LPG access and promote CNG adoption demonstrate our commitment to bringing the benefits of gas closer to ordinary Nigerians.
“Our ambition is to ensure that gas is not simply produced in Nigeria but that Nigerians can use it, build businesses around it and benefit economically from it. We must equally ensure that access to assets translates into meaningful Nigerian participation and community development.
“Nigerian Content must continue to evolve from participation in contracts to ownership of capabilities, technology, capital and assets.
“Host communities must also see tangible benefits from petroleum operations. This is essential for building an industry that is sustainable, inclusive and supported by the people.”
The Minister said FG will provide the policy certainty, regulatory clarity, infrastructure and enabling environment that allow investors and operators to succeed.
“In return, we expect industry players to bring capital, innovation, efficiency and a commitment to developing Nigeria’s resources responsibly,” the Minister added.
“The partnership between government and industry must therefore be built around a shared objective: turning Nigeria’s energy potential into measurable development.”
He emphasised the need for the country to move from access to assets to development of assets.
“Nigeria has the resources; what we need now is to unlock their full value. We must move from access to assets, to development of assets; from development to utilisation; and from utilisation to broad-based economic growth.
“The Federal Government, under the leadership of His Excellency, President Bola Ahmed Tinubu, GCFR, remains committed to creating the conditions for this transformation.
“As we advance the Decade of Gas, I invite all stakeholders to work with us to build a gas sector that is investable, competitive, inclusive and capable of powering Nigeria’s next phase of growth.
“Access to assets must ultimately become access to opportunity, prosperity and national development. I thank you, and God bless the Federal Republic of Nigeria,” he said.
