Abuja, August 8, 2024 – The Nigerian government’s focus on developing the country’s vast natural gas resources is expected to drive down the cost of living and transportation, according to the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo.
During a visit to the Nigerian Content Development and Monitoring Board (NCDMB) in Yenagoa, Ekpo highlighted the administration’s strong support for initiatives across the gas value chain, including production, distribution, and domestic utilization.
“Nigeria is blessed with approximately 209 trillion cubic feet of proven gas reserves, and we are committed to harnessing this resource to spur economic development and improve the everyday lives of Nigerians,” Ekpo stated.
The minister outlined key priorities, such as investing in critical gas infrastructure to facilitate transportation and distribution, promoting domestic gas use for power generation, industrial applications, and transportation, as well as strengthening the capacity of NCDMB to enforce local content policies.
Ekpo also emphasized the government’s efforts to encourage gas-to-power projects and expand Nigeria’s liquefied natural gas export capacity to generate revenue and cement the country’s position as a major player in the global gas market.
“With over 60% of NCDMB’s investments focused on gas, we are advising the agency to prioritize Compressed Natural Gas projects due to their direct impact on transportation and the cost of living,” Ekpo added.
The minister commended NCDMB for its remarkable progress in promoting local content development, highlighted by the construction of the agency’s impressive 17-storey headquarters building.
This strategic focus on gas development aligns with President Bola Ahmed Tinubu’s vision to leverage the country’s natural resources to drive economic growth and improve the overall standard of living for Nigerians.
