ENERGY WOMAN
Shift to Gas Economy: Nigeria Going Down the Tortuous, Rewarding Path By Jerome ONOJA, Amos IKECHUKWU
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igeria has recently been described as a gas producing countr y having some significant quantity of crude oil, but the country has failed to fully utilize the opportunities inherent in gas. This article highlights the challenges confronting the sector, as well as the opportunities; and also explores the various ways the challenges can be surmounted and the opportunities tapped for the benefit of all Nigerians.. It has been observed that Nigeria, despite having abundance of natural gas, and being the ninth largest natural gas resource holder in the world, is facing an energy crisis. It has been argued severally that the key energy challenge facing Nigeria was not a lack of energy resources such as natural gas, but the question of what the country is doing with its resources. 24
Over the years, gas has played a major role in economic growth, influence and prosperity of countries that have effectively used the commodity, such as Russia, Qatar and Trinidad & Tobago, among others. Gas has the potential of creating linkages with other sectors of the economy such as agriculture, industry and power. Gas penetration is key to enhancing industrial growth of the transit towns and villages. A typical example in Nigeria is the Escravos to Lagos gas Pipeline System (ELPS), which is responsible for the proliferation of power plants, gas based industries, cement companies, fertilizer plants among others. This is a pointer to the fact that the expansion of gas pipeline can influence economic growth and serve as a catalyst for nation building In Nigeria. Gas, unlike oil, has had significant impact on the Gross Domestic Product (GDP).
Majorwaves Energy Report Vol 1 No.01 November 2018
It is a known fact that Nigeria can achieve a greater percentage of its Economic Recovery and Growth Plans’ objectives, as well as improve Real Gross Domestic Product (GDP) growth through the effective utilisation of its gas resources. Natural Gas remains a viable fuel option for environmental sustainability due to its cleanliness and low green gas emissions. Experts agree that there is a correlation between the levels of domestic gas consumption, power production, and the Gross Domestic Product (GDP) of a country. According to some, full monetization of our abundant natural gas resources will propel the Federal Government of Nigeria’s economic diversification agenda.
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