The Federal Executive Council has approved a national gas policy aimed at reducing Nigeria’s dependence on crude oil by increasing gas exploration and facilities.
According to a statement by the Ministry of Petroleum Resources on Wednesday, the nation will need to implement far-reaching reforms to drive the new policy thrust.
The 100-page policy document, titled the “National Gas Policy,” which was given final approval on Wednesday after it passed through a series of inputs by all the relevant agences at previous FEC meetings, is to set up a single independent petroleum regulator, in line with ongoing reforms in the sector.
For decades, Nigeria has relied mainly on sale of oil to international buyers with minimal dependence on gas for its overall economic growth, said officials of the ministry.
For the transitional period, the policy will seek to further divide the Nigeria Gas company making it separate from various marketing companies as to achieve market-led gas pricing result.
Nigeria has the world’s ninth largest proven gas reserves, at 187 trillion cubic feet.
The move is to use gas revenue and to reduce the drain on foreign exchange by reducing importation of refined oil products in Nigeria.
If the policy succeeds, it could lead to improved energy, reducing the frequency of power outage in the country.
RipplesNigeria ….without borders, without fears
Join the conversation
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...
INVESTIGATION…PARKVIEW ESTATE: Exclusive images of how billionaire property developer incurred Lagos govt‘s anger
Many have seen the demolished building, but not many know the circumstances that led to the teardown of the about...
INVESTIGATION… N.3bn down the drain, as Enugu communities suffer from dry taps
In November 2020, three organizations and the Enugu State government celebrated the completion of N300 million worth of projects that were expected...
INVESTIGATION… How herdsmen crisis compounds woes of already deprived Ogun communities
Earlier in January, the Nigerian media space was awash with reports of violence between herders and farmers across the country....