Ed Ubong, the coordinator of the Decade of Gas Initiative, has emphasized the importance of adopting a gas-driven economy and its advantages for the general public.
Ubong asserts that gas-driven industrialization will stabilize the economy, increase the growth of small and medium-sized businesses, and generate jobs for millions of Nigerians.
He made his statement at the just finished NAEC Annual Strategic International Conference 2024, which was organized in Lagos by the energy reporters.
The Decade of Gas Initiative aimed to use Nigeria’s plentiful natural gas resources to boost economic growth, he said in his remarks on the subject of “Actualizing the Decade of Gas: Powering Nigeria’s Energy Sufficiency, Industrialization, and Economic Prosperity.”
Nigeria is thought to have the greatest gas reserves in Africa and the ninth largest in the world, with an estimated total of about 206 trillion cubic feet.
Because they serve as the basis for industrialization, economic expansion, and energy security, these reserves are not only a national but also a global asset.
In order to power the nation into development and economic growth over the next ten years, he said, “the Federal Government of Nigeria launched the Decade of Gas initiative in 2021. This initiative represents a concerted effort by the government and private sector to leverage the country’s abundant natural gas resources for economic development and energy transition—anchored on energy sufficiency, industrialization, and economic prosperity.”
“Gas is not just a fuel, but an industrial feedstock that can help herald the nation’s electrical generation capacity, cut energy costs, and make electricity supplies more reliable for households, businesses, and industries,” said the coordinator of the Decade of Gas Initiative.
“The industrialization of Nigeria lies solely on creating a robust domestic gas market for the sustenance of industries like petrochemical plants, fertilizer plants, and manufacturing plants,” he said, urging investment in gas pipelines and gas-fired power plants.
“We will draw in new investments, generate employment, and see a diversified economy that moves away from our reliance on crude oil by using gas as an engine for industrialization.”
In order to realize the vision through collaboration, creativity, and investment in gas-related projects, he continued, governments, the commercial sector, and the media all played crucial roles.
Ubong emphasized that Nigeria’s energy environment was being revolutionized by the ongoing development of OB3, AKK, ELPs, and other investments in gas facilities and gas processing plants.
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