President Muhammadu Buhari has commended the Nigerian Liquefied Natural Gas Company (NLNG) over its $114 billion revenue contributions to Nigeria’s economy over the years.
The President, who disclosed that the NLNG was responsible for 1percent of Nigeria’s Gross Domestic Product (GDP), gave the breakdown of its revenue contributions to include $9 billion in taxes, $18 billion in dividends to the Federal Government and $15 billion in feed gas purchase.
Buhari who was speaking in Abuja, during the Nigeria International Petroleum Summit (NIPS) 2021 Pre-Summit Conference and official launch of the ‘Decade of Gas in Nigeria,’ stated that the major objective of his administration for the gas sector is to transform Nigeria into an industrialized nation with gas playing a major role.
Praising the NLNG for achieving such feat with 100percent Nigerian management and 95percent Nigerian workforce, the President pointed out that the company is the forefront of government’s gas flare reduction initiative.
According to him, the rising global demand for cleaner energy sources has offered Nigeria an opportunity to exploit her gas resources for the good of the country, adding that gas has the potential to uplift Nigeria’s economy given the country’s potential of about 600 trillion cubic feet.
In his remarks, Minister of State for Petroleum Resources, Timipre Sylva, said the declaration of the period 2021-2030 as ‘Decade of Gas’ is intended to place Nigeria at the forefront of global gas industry.
“Gas is vital to Nigeria’s future, as is oil. And both will be fuels of choice globally for the foreseeable future and instrumental in facilitating the energy transition,” the minister said.
The assured participates that he would pursue the outcome of the meeting for the benefit of all stakeholders, noting that by working together Nigeria can build a future worthy to be bequeathed to future generations.
Also speaking, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, said the Conference is apt, as the world transits to cleaner energy, and Nigeria is set to play strategic role in this new world energy order.
He restated that the present administration’s commitment is to ensure that domestic gas infrastructure reach all parts of the country, to deepen natural gas utilization, spur investment in power and gas-based industries, create employment opportunities and grow the economy.