May 21, 2024
LNG: Nigeria’s train 7 to attract about $10bn into the nation’s economy
LNG: Nigeria’s train 7 to attract about $10bn into the nation’s economy
– By Alison_Godswill

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LNG: Nigeria’s train 7 to attract about $10bn into the nation’s economy

By Eyo Nsima

The managing director, Nigeria LNG Limited, Mr. Tony Attah, has said that the nation’s Train 7 project alone will attract about $10 billion into the country.

In his Goodwill Message at the Nigeria International Petroleum Summit (N.I.P.S) Pre-Summit Conference, titled: The Decade of Gas, in furtherance of the Federal Government initiative that declared January 1, 2021, to December 31, 2030, as “The Decade of Gas Development for Nigeria”, obtained by The Daily, www.thedaily-ng.com, he said: “Our world is changing; we are set to add 2 billion more people by 2040 to become 9billion people on earth.

On the back of this and anticipated growth in human prosperity, Energy demand is expected to grow by >30%. Essentially the world needs more energy but needs it cleaner and cheaper to manage Climate change and the 20C challenge through Decarbonisation.

Energy transition has begun, resulting in a massive change in the Global Energy mix! While Renewable sources are gaining prominence to replace coal and other forms of fossil fuels. Gas is set to be the fastest-growing transition fuel of the future. Global Natural gas consumption is projected to increase by more than 40% by 2050.

“This is a great opportunity for Nigeria. Nigeria is blessed with plenty of gas reserves – 200tcf of proved reserve and an additional 600tcf scope to be proven by SEC rules. Proving the 600tcf will move us to No4 in the world from the current 9th position which I believe should be a key objective for this decade of gas agenda.

Essentially, Nigeria is a GAS NATION as we have more gas than oil on a BoE basis. Nigeria currently plays a significant role in the global energy sector, holding the position of the largest oil and gas producer in Africa and the sixth supplier of global LNG through the operations of Nigeria LNG Limited. Our Train 7 project alone will attract about$10billion into the country with significant revenue generation for the government and our shareholders but also over 12000 job opportunities for Nigerians.

“This is a decade of gas, another decade of sustained operations in Nigeria LNG, a decade of Train 7 and perhaps Trains 8,9 and 10; a decade of elimination of gas flaring, a decade of more Domestic LPG in households in Nigeria and overall, a decade of fully Gas-PoweredEconomy!

“As I stated at the beginning, this will require a solid collaborative effort and the active participation of all stakeholders including the National Assembly currently working the Petroleum Industry Bill (PIB). The PIB holds the ace to be one of the biggest opportunities for our gas future as a nation and we should not miss this window. Gas is Power and Energy. Gas is Transport- as in AutoGas. Gas is Petrochemicals- feedstock. Gas is Manufacturing and Industries. Gas is Food from fertilizers.”

He added: “Matter of fact Gas is everything for Nigeria. We must use what we have to get what we want. Saudi Arabia and Dubai used Oil to move their economies to become one of the best in the world; Qatar has used GAS to transform from a fishing economy to becoming a global GAS GIANT… Nigeria has both OIL and GAS.

However, Nigeria has thus far ridden on the back of oil for over 50 years, but the time has come for Nigeria to FLY on the wings of GAS – at Nigeria LNG, we believe it is time for GAS.”

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