The Managing Director of Nigeria Liquefied Natural Gas Limited NLNG, Tony Attah, at ther ecently concluded Nigerian Economic Summit in Abuja, said that a long term strategic development plan would encourage investments, improve infrastructure in the country and boost production of both export and domestic gas.
Chairing a breakout panel discussion at the Energy Session of the 23rdNigerian Economic Summit (NES) titled “Exploring private sector opportunities and investment in gas,” Attah remarked that the gas export business could easily attract more investments which can be used to develop the much needed infrastructure to unlock and unleash the potentials of proven and unproven gas reserves of 187 and 600 trillion cubic feet (tcf) respectively in the country.
He added that this can only be enabled via the right policies, legislation and incentives to drive investments in the sector.
Commenting on the potential of gas in Nigeria, Attah stressed that it was time for gas development in Nigeria, adding that the industry can stimulate growth in every sector of the economy especially agriculture,industries and power, but it will only do so if factors currently inhibiting rapid growth are respectively addressed.
“Underinvestment in appraisal and exploration activities due to inconsistent policies, unattractive commercial framework, security of investments, etc. invariably impact gas reserves, production, and commercialization”, he observed.
Summarising short to long term solutions reached by the panel, Attah stated that the gas industry should be liberalised and a climate of willing seller and willing buyer should drive gas price, rather than the current practice of price capping.