FG targets N3.97tn worth of investment from gas

The Federal Government is expecting about N3.97tn ($25bn) worth of investments from gas through its recently developed gas master plan.

The investments will come from gas processing, transmission and downstream utilisation, the Director, Department of Petroleum Resources, Mr. George Osahon, has said.

He stated this at a seminar organised by the Nigerian-South African Chamber of Commerce in Lagos on Thursday.

Osahon said the plan was aimed at strengthening the gas market towards meeting the government’s aspirations of achieving the goals of Vision 2020, adding that such investments would transform the economy.

According to him, the gas master plan is a government’s initiative meant to grow the economy by providing the required infrastructure.

He said the policy was designed to ensure gas availability for the growing demands driven by rising gas prices, power sector reforms and investor confidence in Nigeria, adding that the progress currently recorded in the gas sector through the implementation of the plan was already opening vast opportunities for investors in various areas.

He said, “Opportunities for investment are available in pipeline construction system, gas gathering and processing. Nigeria has the world’s 7th largest reserves of gas with a further potential for a further 600 trillion cubic feet in undiscovered reserve.

“Nigeria, being Africa’s top and world’s 9th gas producer, boasts gas production average of 7.5 to eight billion standard cubic feet per day. Only about 87 per cent of this production is currently being utilised. The gas sector holds a huge potential for record growths with prospect for 20 billion standard cubic feet per day production by the end of 2015.”

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