Nigeria Has Highest Gas Reserve in Africa, Worth $800trn, Says FG
- Nigeria is home to the highest natural gas reserves in Africa at about 206.53 cubic feet valued at $803.4 trillion
- The Minister of State for Petroleum, Timipre Silva said that the country's natural gas would soon be categorized as green energy source
- He said Nigeria is well-positioned to lead the clean energy drive in Nigeria and Africa with the help of technology
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The Nigerian government has said that the value of the country’s gas deposits stands at about 206.53 trillion cubic feet, estimated at $803.4trn which is the highest in Africa.
The federal government also stated that the European Union had suggested categorising natural gas as a green energy source which will affect Nigeria favourably going by its massive gas reserves.
The Punch report stated that Timipre Sylva, the country’s Minister of State for Petroleum Resources said this at the 2022 Annual Public Lecture of the Nigerian Society of Engineers in Abuja on Thursday, April 28, 2022.
Sylva said markets alone cannot boost the energy growth at a good enough pace or scale to handle the climate problem and investment.
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Nigeria poised to drive clean energy in Africa
According to the Minister, the Nigerian government has an important part to play in propelling the private sector to act so that the country’s economy can vie with the rest of the global economy.
Businessday reports that the minister said that presently, only gas can address the three priorities of security of supply, global competitiveness and a reduction of greenhouse emissions, saying that with the country’s 206.53 trillion cubic feet valued at 803.4 trillion, the most extensive in Africa and among the top 10 in the world.
Technology to play key role in driving clean energy
The former Bayelsa State governor said the country is following a transition pathway that incorporates technology, investment, business strategies, and government plans that could enable the country to move from its current energy system to a low-carbon energy system.
The minister stated that Nigeria would be playing a vital role in this movement toward the next generation between now to 2060.
According to Sylva, Nigeria is well-situated to drive the future of natural gas technology in Africa and vie in the global energy markets.
List of states with the highest cost price of cooking gas revealed
Legit.ng has reported that the average retail price for cooking gas increased by 83.62 percent from N2057.71 in March 2021, according to a new report by the National Bureau of Statistics.
According to the report titled, “Liquefied Petroleum Gas (Cooking Gas) Price Watch (March 2022),” the average price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) stood at N3778.30 in March 2022, from N3708.58 recorded in February 2022, showing an increase of 1.88 percent month-on-month.
The Punch reports that analysis by the NBS indicates the list of states with the highest price for refilling cooking gas.