Lagos, Feb. 14, 2024:Mr Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), has reiterated the Federal Government’s readiness to foster collaborations and partnerships that would facilitate national goals for domestic gas utilisation and export.
Ekpo said this at the 8th Sub-Saharan Africa International Petroleum and Exhibition Conference on Tuesday in Lagos.
The conference was organised by the Petroleum Technology Association of Nigeria (PETAN) with the theme: “The Next Steps: Accelerating African Content”.
Ekpo, who was represented by Mrs Oluremi Komolafe, Director of Gas Ministry of Petroleum Resources, said that the ministry had identified finance and investment in infrastructure as critical to the development of the gas sector.
According to him, as part of the tools to address this problem, the Midstream and Downstream Gas Infrastructure Fund, was put in place to enable government make equity investment in gas Infrastructure.
“As we gather to harness ideas to develop our energy sector, let us not forget the various incentives put in place by the government to encourage the gas sector development.
“These include three years tax waivers for companies that build and operate gas pipelines, and could be extended to five years at the satisfaction of the ministry.
“Also, recently, Mr President approved the zero duty and VAT for imported CNG and LNG,” he said.
Ekpo also said that existing tax waivers on imported gas equipment were geared toward deepening gas penetration in Nigeria.
He said, “The responsibility of developing our energy resources does not depend on government alone.
“It calls for collaboration, knowledge sharing, and commitment on the part of the private sector industry players, too, as government makes the right policies and creates the enabling environment for businesses to thrive.
“As we anticipate the kick-start of critical infrastructure such as the AKK, and the expansion of the Lagos-Escravos pipeline to Morocco and further to Europe, we call for collaboration to support existing Government initiatives.
“There is a huge demand for gas in Nigeria, and the sector is large enough to accommodate everyone.
“The minister also welcomed the ideas and ventures that could assist us bridge the gap existing between demand for gas and the low level of development of our enormous natural gas reserves.”
He said that the event was significant for the energy sector, especially at a period when energy transition and security are paramount.
He commended thee organisers of the conference for continuously promoting ideas and collaborating with African oil and gas players.
“In Nigeria, gas is not just a transition fuel but it is strategic to achieving a more secured energy future and as a catalyst for other national development goals,” he said.
