Nigeria requires $2bn annually to drive power production

49

The Director of the Department of Petroleum Resources (DPR), Mr Mordecai Ladan, said on Friday that Nigeria would need about two billion dollars (N3.9 trillion) annually to drive its power production.

Ladan stated this in a statement issued by the Communication Officer, Nigeria-South African Chamber of Commerce, Mr Gbenga Akinyode, and made available to newsmen in Lagos.

The director, who was represented by his Senior Technical Assistant, Mr Abel Nsa, sent the message to a breakfast meeting organised by the chamber.
He said that the investment revolved around provision of gas pipelines and processing plants for the nation’s gas reserves to boost economic growth.

Ladan said that Nigeria was enriched with the largest gas reserves in Africa with an estimate of 188 trillion cubic ft. of natural gas.
He said that despite the huge resources and government policies, the nation was still struggling to ensure domestic availability of gas, especially for the power sector.
The director cited some of the challenges bedeviling gas production such as poor infrastructure, vandalism, poor pricing and weak policy implementation.
“Nigeria with the huge natural gas potential endowment ranks eight in the world and first in Africa in gas reserves.
“Nigeria’s gas reserves endowment may be up to 600 trillion cubic ft. and the country is often described as a gas province,’’ Ladan said.

He said it was imperative for Nigeria to leverage on its position and market share in high value export markets and regional gas pipelines.

Ladan urged the government to create an attractive and competitive business environment and initiate aggressive gas exploration to boost reserves.
He also talked about implementation of flare-out solutions, passage of Petroleum Industry Bill (PIB) and sustenance of infrastructure development. (NAN)

Comments are closed.