Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo today attended the opening session of the Nigeria Oil & Gas (NOG) Energy Week 2024 at the International Conference Centre, Abuja where he delivered a keynote address, and also toured exhibition booths of some of the participating companies.
A statement by Ekpo’s spokesman, Louis Ibah, quoted him as highlighting the vast opportunities within Nigeria’s gas sector, saying there were untapped potential across the entire value chain for existing and prospective investors.
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He said: “Our natural gas reserves of 209 trillion cubic feet (tcf) are among the largest globally, offering immense possibilities for exploration, production, and utilization. We are particularly focused on promoting gas-based industries such as fertilizers, petrochemicals, and methanol. These industries not only diversify our economy, but also create significant employment opportunities.
“By showcasing these prospects at forums like this, we aim to attract global attention and encourage partnerships that can drive growth and development.
“Investment is the lifeblood of the oil and gas sector…A key initiative under our investment strategy is the Midstream and Downstream Gas Infrastructure Fund (MDGIF). The MDGIF is designed to catalyze investments in critical infrastructure projects in the midstream and downstream value chain. By addressing infrastructure gaps, we can significantly enhance the efficiency and reliability of our gas supply chain.”
Ekpo said the Ministry has been instrumental in implementing reforms that make Nigeria an attractive destination for both local and international investors.
According to him, the Petroleum Industry Act (PIA) 2021 and the recent Presidential Directive for Oil and Gas Companies on Tax Incentives, Exemption, Remission, by President Bola Ahmed Tinubu have created a conducive environment for investment.
He said these reforms ensure transparency, accountability, and regulatory certainty, making Nigeria an attractive destination for investors.
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“The regulatory frameworks now in place incentivize investment, streamline bureaucratic processes, and provide clarity on fiscal terms,” he added.
Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri,Presidential Adviser on Energy, Ms. Olu Verheijen, Senator Natasha Akpoti Uduaghan, Group CEO of NNPCL, Malam Mele Kyari, were among the dignitaries that graced the event.
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