Business
Dwindling revenue: Govt turns to gas export
The federal government is desirous of exploring gas for export to shore up its dwindling revenue.
President Muhammadu Buhari gave the hint at the Third Summit of Heads of State and Government of the Gas Exporting Countries Forum (GECF) Member Countries in Tehran, Islamic Republic of Iran.
The Group General Manager, Group Public Affairs Division of the Nigerian National Petroleum Corporation (NNPC), Mr. Ohi Alegbe made this known in a statement on Monday.
Speaking at the 17th Ministerial Meeting of the GECF, GECF President and Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu identified market volatility, increasing competition, price war and escalating cost of infrastructure development as the key challenges facing the gas industry in general and the GECF in particular.
Read also: Buhari arrives Tehran for Gas Summit (Photos)
Dr. Kachikwu posited that volatility has brought so much uncertainty and instability to the market thus affecting decisions on investment for long term supply of gas.
Commending the Forum for the success it has achieved since inception in 2001, the GECF President urged Member Countries to continue to give the Forum the required support to make it realise its fullest potentials.
He paid tribute to the government and people of Iran for hosting the 3rd Summit of the GECF Heads of State and Government noting that it was a great achievement for the GECF that it was able to hold three successful Summits within a period of five years, 2011 in Doha, 2013 in Moscow in 2015 in Tehran.
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