As part of its strategic aspirations to drive maximum value from Nigeria’s abundant natural gas resources, the Group Managing Director of Nigerian National Petroleum Corporation, Dr. Maikanti Kacalla Baru, has said the Federal Government was targeting 10 percent of the world’s market share in traded Liquefied National Gas (LNG).
Baru, who stated this at NNPC Special Day at the just -concluded Lagos International Trade, said the Corporation was focusing on jumpstarting and sustained gas supply to support a rapid growth in power generation, reposition Nigeria as the regional hub for gas-based industries such as fertilizer, petrochemicals, methanol, Liquefied Petroleum Gas, as well as leveraging the enormous reserves position to strengthen its footprints in high value gas export through LNG and regional gas pipelines.
With emerging gas markets and the need to generate more power across sub – Saharan Africa, Baru, said there will abound an unprecedented investment opportunity in the gas sector for the country.
According to him, Nigeria was focused on expanding its existing 22 million metric tones per annum (MTPA) Nigerian LNG plant with additional 8MTPA from its proposed Train -7, a development that will significantly increase global power generation capacity.
Also, speaking at the event, the President of Lagos Chamber of Commerce and Industry, Mr. Babatunde Ruwase said the oil & gas sector has remained the highest revenue source for the Nigerian economy.
He noted that despite the drive for diversification of our economy, the oil and gas sector remains a critical sector that requires the utmost attention of the government even as we work to enhance the earning capacity of the non-oil sector.
“Let me therefore use this opportunity to reiterate our call on government to wield the needed political will to ensure the passage of the Petroleum Industry Governance Bill (PIGB) without any further delays.
We believe the PIGB will create a conducive regulatory environment that would open up the sector to both local and foreign investors for competitive growth and development in line with international best practices,” he stated.