Although the most populous black nation has over 206 trillion standard cubic feet of gas reserves, product utilisation remains dismal, as over 56 per cent of the consumed resource are imported.
The current intervention, announced in Abuja by the Permanent Secretary, Ministry of Petroleum Resources, Bitrus Nabasu, is to domesticate the development of the resource and allow indigenous players to advance the sector.
In her remarks, Special Adviser to the Minister of State for Petroleum Resources on Gas Business Development, Brenda Ataga, said three million jobs would be created across the value chain.She pointed out that government would promote awareness and micro-retailing outlets across the federation.According to her, the product price might sustain its rising outlook dependent on prevailing micro-economic indices, urging more Nigerians to invest in the sector.
He added: “Consequently, Congress’ demand to the Federal Government is to reduce the price of domestic gas supply to GENCOs to less than $1.50 per SCF. We also demand that payment for gas by GENCOs should be denominated in naira. Furthermore, the gas companies should be included in the CBN and Nigerian Electricity Service Industry payment waterfall to guarantee payments for gas and contract sanctity with GENCOs.
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