To fortify its economic resilience and ensure energy security, Nigeria has capitalised on its vast gas reserves to diversify its energy mix and reduce dependence on traditional fossil fuels.
The Minister of State Petroleum Resources (gas), Ekperikpe Ekpo, has emphasised the pivotal role of the gas industry in Nigeria’s energy security and economic transformation.
With abundant proven gas reserves exceeding 208TCF and vast exploration potential, Nigeria is poised to leverage its gas wealth for national development and global energy transition.
The minister highlighted that energy security extends beyond geopolitical stability to encompass resilience, diversity and reliability of energy infrastructure. He said with Nigeria’s significant gas reserve, the country is well-positioned to address energy poverty and bolster energy security.
“Already, Nigeria has strategically chosen gas as its transition fuel towards a sustainable energy future. Natural gas, with its lower carbon footprint and versatility, aligns with global climate objectives while offering a reliable energy solution. This transition underscores Nigeria’s commitment to reducing dependence on conventional energy sources and embracing renewables,” he said.
Ekpo stressed that attracting domestic and foreign investments is crucial for unlocking the full potential of Nigeria’s gas resources. He said collaboration with international partners, financial institutions and the private sector was essential for securing funding and driving gas infrastructure development.
Outlining the four key pillars to revitalise Nigeria’s economy through the gas sector, the Minister emphasised on accelerating the deployment of gas-powered plants to enhance electricity availability nationwide, promoting the use of natural gas as feedstock for industries to reduce operational costs and boosting competitiveness.
“As we are all aware, overdependence on oil revenue poses significant economic risks for our nation. Despite efforts to diversify the economy away from oil dependence, we have faced numerous challenges. However, innovation and strategic vision become imperative in times of challenge.
“I advocate for a shift towards the vast potential that lies in our gas sector. The shift towards gas is not merely an option but a necessity for our economic resilience. The gas industry presents a unique opportunity to diversify our revenue streams, reduce dependence on oil, and create a more robust and sustainable economic foundation,” he said.
