Development of gas resources antidote to lower cost of living, economic prosperity — Minister
Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo has stated the development of the nation’s gas resources as one of the antidote and surest pathways to economic prosperity and lower cost of living.
The Minister made this assertion in Yenagoa, Bayelsa State on Wednesday when he visited the facilities and projects of the Nigerian Content Development and Monitoring Board (NCDMB), where he serves as the co-chair of the Governing Council.
He stated that Nigeria is endowed with vast natural gas resources of about 209 trillion cubic feet of proven gas reserves, emphasising the necessity to harness these resources effectively to drive economic development.
He underlined President Bola Ahmed Tinubu’s unalloyed support to the gas sector, with initiatives extending to the entire value chain, notably gas development, distribution and penetration. The Federal Government’s drive, according to him, is geared to lower the cost of transportation, the cost of living and impact every part of the country positively.
He listed some of the key initiatives his ministry is pursing to include investments in critical gas infrastructure development to support the transportation and distribution of natural gas across the country, promotion of domestic gas utilisation for power generation, industrial applications, and transportation as well as strengthening NCDMB’s capacity to build capacity and enforce local content policies.
Other laudable initiatives reeled out by the Minister include encouraging and supporting gas-to-power projects to ensure a reliable and sustainable supply of electricity, expanding Nigeria’s capacity to export liquefied natural gas (LNG) to international markets, to generate revenue and position Nigeria as a key player in the global gas market and strengthening the policy and regulatory frameworks governing the gas sector to create an enabling environment for investment and innovation.
The Minister remarked that 60 percent of NCDMB’s investments are gas based and advised that new projects by the agency should focus on Compressed Natural Gas (CNG) because of the direct impact on transportation and cost of living.
He lauded NCDMB for the remarkable strides it had made in promoting local content and for constructing the magnificent 17 storey headquarter building, which signifies the impressive growth and depth of local capacity.
Ekpo added that the visit provided him an opportunity to meet with management and staff of the Board, learn more about the agency’s operations, and discuss how to continue driving local content development in our nation’s gas sector.
In his welcome remarks, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe thanked the Minister for visiting the Board’s facilities and assured him of the commitment of the management and staff of the Board to supporting the Federal Government’s economic aspirations.
The Minister and his entourage toured NCDMB’s facilities, including the Technology Innovation and Incubation Centre (TICC) and listened to presentations from three incubates on their technology solutions and how NCDMB is supporting them from concept to commercialisation.
The team also visited the NCDMB Conference Hotel project, which is undergoing construction, the NCDMB gas hub at Polaku, Yenagoa as well as the 10 megawatts gas-power plant, which supplies electricity to the Nigerian Content Tower and selected offices of the Bayelsa State Government.
The Minister also made a brief visit to the Deputy Governor of Bayelsa State, Senator Lawrence Ewhrudjakpo, who welcomed the Minister to the state and solicited for key investments in the gas sector.
He argued that since Bayelsa State supplies a substantial percentage of the gas feedstock used by the Nigeria Liquified Natural Gas (NLNG) plant, it deserves to host one of the company’s gas processing facilities. He also demanded for accelerated development of the Brass methanol project as a plank for enhanced economic development of the state.
