The federal government, yesterday, sought more investment to unlock the country’s over 219 trillion standard cubic feet of natural gas as the Nigerian Midstream Downstream Regulatory Authority (NMDPRA) awarded a domestic gas aggregation licence.

State Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, said there was a need for collaborative efforts in raising necessary required funding for gas development.

Ekpo, while speaking at the unveiling of the new identity of Gas Aggregation Company Nigeria Limited (GACN), said the sector needs to tackle inherent challenges head-on.

“As we move forward, it is essential to acknowledge the challenges that lie ahead. The global shift towards cleaner energy sources and the need for sustainable development demands innovative strategies and collaborative efforts. I believe that this newly expanded mandate of GACN aligns perfectly with these imperatives offering new opportunities for growth and development,” he said.

The minister said the federal government was committed to realising the vast potential of Nigeria’s gas reserves, adding that the government would support initiatives that align with the expansion of gas production.

Chief Executive of NMDPRA, Farouk Ahmed, said the licence would stimulate vibrancy and efficiency and spur additional investments in the natural gas value chain in the country through support for the implementation of domestic gas delivery obligation.

The license, according to him, would enable GACN to carry out its functions according to the conditions prescribed in the Petroleum Industry Act (PIA) as well as the regulations and terms contained.

Ahmed said the NMDPRA believed that the move would reinforce the commitment and the renewed hope efforts of the current administration towards the development of gas resources for economic development.