The Nigerian Gas Association (NGA) has announced that about $55 billion is needed in investment for exploration and production, processing, supply, and distribution of gas in the country.

According to the President of the association, Bolaji Osunsanya (photo), the gas sector has capabilities for growth and can contribute positively to the economy.He added that converting natural gas into a profit-making business entails huge investments in infrastructure, which facilitates gas availability, gas affordability, deliverability, funding, and legal and regulatory framework.

Osunsanya, who is also the Chief Executive Officer of Oando Gas and Power Limited, noted that the government has taken some measures in developing gas and this has led to the significant rise in the price for natural gas supplied for power generation to around $2.50 per Mmscf.The CEO said he is confident that Nigeria’s gas reserves could increase to 16.8 trillion cubic meters, compared to the current 5.2 trillion cubic meters, if measures are taken to explore for gas rather than depend on unexpected finds during oil exploration.

“While the global debate about hydraulic fracturing for shale gas continues to grab the spotlight, closer to home, the discourse about the role of gas in Africa’s energy mix, particularly Nigeria, needs to continue. With this in mind, the NGA continues to probe at the current state of the natural gas industry in Nigeria in addition to evaluating the potential for its future development,” he told the Guardian news.

Anita Fatunji