Gas development will lower cost of living — Minister

The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has said that the surest path to national prosperity is the utilisation of Nigeria’s gas resources by the Federal Government.

Ekpo made this statement on Wednesday during his visit to the board and facilities of the Nigerian Content Development and Monitoring Board in Yenagoa.

Ekpo, co-chair of the governing council, noted that Nigeria is endowed with vast natural gas resources, with approximately 209 trillion cubic feet of proven gas reserves.

He stressed the need to harness these resources effectively to drive economic development.

He highlighted President Bola Ahmed Tinubu’s support for the gas sector, with initiatives extending to the entire value chain, including gas development, distribution, and penetration. According to Ekpo, these initiatives are aimed at lowering the cost of living and transportation, and positively impacting every part of the country.

Ekpo outlined key initiatives his ministry is pursuing, including “investments in critical gas infrastructure 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 the capacity of NCDMB to build capacity and enforce local content policies.”

“Other notable initiatives 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 to international markets to generate revenue and position Nigeria as a key player in the global gas market, and strengthening policy and regulatory frameworks governing the sector to create an enabling environment for investment and innovation,” he stated.

Ekpo also mentioned that since 60% of NCDMB’s investments are gas-based, he advised that new projects by the agency should focus on Compressed Natural Gas due to its direct impact on transportation and the cost of living.

He commended NCDMB for its remarkable progress in promoting local content and for constructing the impressive 17-storey headquarters building, which signifies the growth and depth of local capacity.