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Nigeria needs $30b to develop gas projects

COMING on the heels of the $21 billion Trans-Saharan pipeline project proposed by the European union(EU) recently, the President of the Nigeria Gas Association (NGA), Engr. Chris Ogiemwonyi, has said Nigeria needs about $30 billion to develop her gas projects. He made this remark at the association's Annual General Meeting held in Lagos recently.

He said: "Given therefore the estimated supply gap of over 5.0bscfd and the required investment threshold of about $30 billion by 2010, the option of public-private partnership seems imperative and must be speedily harnessed. Government is already championing this strategy by floating the investment portfolios in the gas master plan for private competitive participation."

He stressed that the growth in the nation's gas sector would increase the country's ability to boost its stock of infrastructure to enable gas flow freely from the production field to the consumers.

"According to government sources, bidders will soon be invited for the central gas processing plants and the downstream gas pipelines, to enable the processing and transportation of gas for domestic use," he noted.
"I have seen the commitment of all parties to rapidly commercialise the nation's gas resources rather than continue flaring it. I have also seen the common desire to integrate the gas sector into the mainstream Nigerian economy with gas contributing substantially to the nation's revenue profile while also providing the much needed multiplier effect towards income generation for generality of the citizens," Ogiemwonyi added

He, however, said that the growth potentials of the Nigeria gas sector and NGA, as a professional group with responsibility to offer unfettered assistance to policy makers in providing required enablers for the emergence of a viable gas business in Nigeria should be commended.

"Our efforts to institutionalise a liberal gas market may take time to mature, and the time frame could be difficult to ascertain at this time, but I can assure you that the goal is clear and the path way is defined," the NGA president asserted.

He also noted that the export sector has been very vibrant as well as the NLNG train 7, being pursued vigorously, adding that the Greenfield LNG projects at Brass, Olokola and Bonny were like wise approaching investment decisions.