Nigeria Can Become a Gas-Powered Economy by 2030, Buhari’s Minister Sylva Declares
- The minister for state petroleum resources, Timipre Sylva, said the target is to create job opportunities for Nigerians
- Timipre Sylva disclosed that the initiative has begun to attract new investors in the oil and gas sector as well as other related sectors
- He said Nigeria has already hit a landmark in increased gas beyond expectation and more plans are in place to continue with the trend
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FCT, Abuja - The minister for state petroleum resources, Timipre Sylva, said Nigeria is looking towards becoming a gas-powered economy by 2030.
New Telegraph reports that Sylva made this known at the Nigeria International Energy Summit (NIES) in Abuja.
While expressing his optimism over the federal government's plan to initiate a gas-powered economy, Sylva disclosed that the administration of President Muhammadu Buhari is looking towards creating millions of job opportunities via the gas sector, Legit.ng gathered.
Sylva at the event disclosed that collaborations had been made with new companies who are seeking to tap into the opportunities of the gas sector and, in turn, create job opportunities for Nigerians.
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“So, as we examine the actions needed from now to our target year, 2030, it is helpful for us to reflect and consider how far we have come and where we are in this Decade of Gas effort. Progress should be assessed regularly and workplans updated on a regular basis to ensure that the Decade of Gas initiative meet the set objectives.”
While speaking on the "Decade of Gas" commissioned by the President Buhari administration, he disclosed the initiative would, by the end of 2022, hit a landmark development that will leave Nigeria 8 years to meet the target of 10 years earmarked for the initiative.
He revealed that Nigeria's gas reserve in those times increased from 187 Trillion Cubit Feet ( TCF) to 203.16 TCF in 2021 to 206.53 TCF in 2022, respectively.
“Nigeria’s current natural gas reserves have risen to 206.53tcf, yet, the country has not even scratched at the 600tcf potential. The country has the largest proven gas reserves in sub-Saharan Africa, as well as enviable Liquefied Natural Gas (LNG) infrastructure and export facilities.”
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Similarly, Legit.ng reported that there had been a rise in the price of crude oil, leaving Nigerian oil investors to benefit from the recent development.
It was gathered that this new stride resulted from the Russian-Ukraine war as Nigerian oil traded at $139.13 per barrel, an increase from the initial $100 per barrel.
The rise in oil prices is reflected in the price movement of the shares of oil and gas companies trading on the Nigerian exchange.
Crude oil hits 13-year high sells for $130 per barrel as western economies move to ban Russian oil
The recent increase means Nigeria has hit a 13-year high, selling at $130 per barrel since the Russian-Ukraine war began.
It was reported that elsewhere, the US saw a rise of about 7% on Sunday evening as the market continued to react sharply to supply troubles amid Russia's ongoing invasion of Ukraine.
The international benchmark, Brent crude, surged 8.4% above $128.20, while Brent jumped to $139.13 at some point overnight, its highest since July 2008.