The Managing Partner, Olaniwun Ajayi LP, Prof. Konyin Ajayi, who was the lead speaker at the Natural Gas Business Forum 2018 organised by the Nigerian Gas Association, said Nigeria’s gas reserves were about three times the value of its crude oil reserves and added that $51bn investment opportunities currently exist in Nigeria’s gas sector. He also stressed the need for a deliberate and articulate policy for the exploration and production of gas in the country.
According to him, the desired reality will be to have a wholesale market competition with gas pricing set by the market; to be an attractive gas-based industrial nation, with a significant presence in national and international markets; to position the country as Africa’s regional hub for gas-based industries such as fertiliser, methanol and petrochemicals, and to have adequate supply of gas to meet domestic market demands.
“About $51bn investment opportunities currently exist in Nigeria’s gas sector,” he said. Ajayi cited investments in free trade zones, central gas processing facilities, fertiliser plants, gas exploration and production, pipe milling and local fabrication yards, virtual pipelines, gas transmission, power plant projects, flare gas commercialisation initiatives and liquefied petroleum gas plants.
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