Nigeria to Diversify Into Petrochemicals, Methanol Production
The minister of State, Petroleum Resources (Gas), Ekperikpe Ekpo, has said, federal government is prioritising promoting gas-based industries such as fertilizers, petrochemicals, and methanol not only to diversify the economy but also to create significant employment opportunities.
The minister stated this at the 23rd Annual Nigeria Oil and Gas Conference, in Abuja, themed : ‘Showcasing Opportunities. Driving Investment. Meeting Energy Demand.’ Ekpo said, by showcasing these prospects at forums like this conference, Nigeria would attract global attention and encourage partnerships that can drive growth and development.
The ministry of Petroleum Resources – Gas, he said, is at the forefront of steering Nigeria towards a prosperous and sustainable energy future and its mandate involves not only formulating policies and supervising their implementation in the oil and gas industry but also creating an enabling environment that fosters growth, innovation, and investment.
Stating that the ministry is committed to highlighting the vast opportunities within Nigeria’s gas sector, the minister also said, through strategic initiatives and comprehensive policies, it aims to reveal the untapped potential across the entire value chain.
He stated also that Nigeria’s natural gas reserves of 209 trillion cubic feet (tcf) are among the largest globally, offering immense possibilities for exploration, production, and utilisation.
Ekpo said, the ministry has been instrumental in implementing reforms that make Nigeria an attractive destination for both local and international investors, stressing that, the Petroleum Industry Act (PIA) 2021 and the recent Presidential Directive for Oil and Gas Companies on Tax Incentives, Exemption, Remission, among others, by President Bola Ahmed Tinubu, have created a conducive environment for investment.
These reforms ensure transparency, accountability, and regulatory certainty, making Nigeria an attractive destination for investors and the regulatory frameworks now in place incentivize investment, streamline bureaucratic processes, and provide clarity on fiscal terms.
The minister informed that a key initiative under investment strategy is the Midstream and Downstream Gas Infrastructure Fund (MDGIF) that was designed to catalyse investments in critical infrastructure projects in the midstream and downstream value chain.
By addressing infrastructure gaps, we can significantly enhance the efficiency and reliability of our gas supply chain, he said.
Also, he stressed that, meeting the growing energy demands of the nation and the continent is a priority for the ministry which recognises that natural gas is central to achieving this goal, given its status as a cleaner and more efficient fuel.
Thus ,he said, the country’s gas-to-power initiatives are pivotal, aiming to provide reliable and affordable electricity that supports industrialization and improves living standards.
Additionally, Ekpo said, the country is promoting the use of Compressed Natural Gas (CNG) for vehicles, also known as Autogas and initiative that is not only a strategic response to cushion the effects of downstream deregulation but also a significant driver of market growth and job creation for Nigerians.
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