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By JONATHAN NDA-ISAIAH, CHIKA IZUORA |
There are indications that the growing demand for gas in the global market is providing an opportunity for Nigeria to expand its export base as the country boasts of 600 trillion cubic feet of gas reserve.
According to the IEA Gas Market Report, Q1-2021, global gas demand is expected to recover its 2019 level although demand fell by an estimated 2.5% or 100 billion cubic metres (bcm) in 2020 – its largest drop on record.
Available data indicate that the global gas market is estimated at approximately 82 million tonnes, equating near $32 billion.
In order to take advantage of this opportunity, the federal government is currently intensifying partnerships with private investors to escalate the exploitation of the country’s 600 trillion cubic feet of gas reserve.
As compared to traditional fuels, gas does not emit nitrogen and sulfur oxides when being combusted, and there are many raw materials, including renewable ones, which could be used for the gas manufacturing process.
Nigeria’s abundant gas deposits provide an edge to prospective investors as experts say that only two steps from gas translate into methanol, another product extracted from gas.
In a deliberate move to exploit the country’s huge gas potential, President Muhammadu Buhari yesterday in Abuja launched “The Decade of Gas in Nigeria” with a pledge that the federal government would fully utilise the enormous gas resources in the country to uplift the economy and drive industrialisation.
President Buhari, in a statement by presidential spokesman, Femi Adesina said given the country’s potential of about 600 trillion cubic feet of gas, the commodity had the enormous potential to diversify Nigeria’s economy.
‘‘The rising global demand for cleaner energy sources has offered Nigeria an opportunity to exploit gas resources for the good of the country. We intend to seize this opportunity,’’ the president said at the virtual Nigeria International Petroleum Summit (NIPS) 2021 Pre-Summit Conference and official launch of the Decade of Gas.
According to him, his administration has prioritised gas development and recorded remarkable progress.
He said, “It is well known that Nigeria is a gas nation with a little oil, but the country has focused on oil over the years.
‘‘That is the paradox that this administration decided to confront when we declared the year 2020 as ‘The Year…
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