A minimum of US$10B worth of investments is currently being injected in the energy sector to delist Nigeria from one of the most energy impoverished nations in the world. Speaking at the Atlantic Council Global Energy Forum 2021, Alhaji Mele Kyari, Group Managing Director, Nigerian National Petroleum Corporation, elaborated on the topic of “Delivering Energy Access in the Developing World”, emphasizing the value of Nigeria’s resources in increasing domestic access.
Kyari stated that the country will focus on using its oil and gas resources to develop infrastructure as long as the commodity remains relevant, which he approximated will be so for about 40 years. To this end, he noted that the country, with its significant gas reserves, has approximately US$3 -US$4B in ongoing projects, many in advanced stages, to rev up production for domestic use and export.
The Minister of State for Petroleum Resources, H.E. Timipre Sylva, at the launch of the Federal Government Extended Special Public Works Program in Yenagoa, Bayelsa stated that the aim was to shield the most vulnerable from the effects of COVID-19, including but not limited to, pervasive hunger, poverty, environmental degradation, and joblessness.
He disclosed that 8,000 Bayelsa State unemployed indigenes across the eight local government areas have been engaged in the scheme, which will last from January to April 2021.
The Petroleum Products Pricing Regulatory Agency reported that Nigeria’s domestic consumption of Liquefied Petroleum Gas (LPG), popularly known as cooking gas, exceeded 1 million metric tons (MT) in 2020, the first year in the country’s history. The report stated that Nigeria consumed 840,594.37 MT of LPG in 2019, indicating an increase of 60,5% from 635,452.061 MT recorded in 2018. With this laudable feat, the country is on track to meet the five million MT target by 2022, set in the Nigeria Gas Policy of 2017.
The agency noted that the Federal Government’s objective to deepen LPG penetration in the country seeks to create a healthier life for Nigerians by providing access to a cleaner source of energy for cooking, vehicular transportation, and other domestic uses.
