The Federal Government has announced plans to ban the exportation of Liquefied Petroleum Gas (LPG) commonly called cooking gas to crash the rising prices.
Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo disclosed this while speaking at the Internal Stakeholders’ Workshop in Abuja on Thursday, February 22, 2024.
He noted that the decision of the federal government to withdraw taxes and levies from the importation of gas-related equipment was a significant incentive, adding, that plans are ongoing to also
increase domestic production which, according to him, would potentially lead to an increase in volume and a decrease in prices.
With a gas reserve of 208.83 trillion cubic feet which represents 33 per cent of Africa’s total gas reserves of 620TCF, Nigeria is described as a gas-rich nation ranking number one in Africa in reserves with a life index of 94 years.
Paradoxically, the country is struggling with domestic gas utilisation because of low patronage resulting from the high cost of the product.
Meanwhile, the Minister said, he is in constant engagement with the regulator, Nigerian Mainstream and Downstream Petroleum Regulatory Commission (NMDPRA), and gas producers like Mobil, Chevron, and Shell, in a proactive step to address the challenges in the gas sector.
“With over 208Tcf in proven Gas Reserves, Nigeria has no business with Energy Poverty, and it is imperative for us to rise up as a people to tackle these challenges head-on”, he said.
The Minister said, “the theme for this Workshop “Harnessing Nigeria’s Proven Gas Reserves for Economic Growth and Development” is very apt and provides a platform for us to galvanize action and take the necessary steps to release this Nation’s abundant gas reserves to accelerate our industrialization and develop the economy for the good of our teeming population.
“I am confident that the discussions and deliberations of this Workshop will not only be for the sake of discussion but would be a call to real and focused action required to reposition the Nigerian Gas Sector for optimal performance.
“I believe that Together, we shall overcome these challenges, Together we shall build a resilient gas sector that will catalyse our Nation’s stands as a beacon of progress for our nation”, he said.
