FG Commits to Repositioning Gas Industry

Osinbajo said the Federal Government has approved the Nigerian Liquefied Natural Gas Train 7 while reaffirming Nigeria’s commitment to leading local and global debates on the role of gas in the new world order.

On Thursday, the Federal Government reaffirmed its commitment to repositioning the gas industry for efficient service delivery.

At the opening ceremony for the World Energy Day Conference in Abuja in 2021, Vice President Yemi Osinbajo made this statement.

The Abuja Chamber of Commerce and Industry (ACCI) is hosting a conference with the subject “Energy Transition: Gas as the Fuel of Choice.”

In a speech delivered by Goddy Agba, the Minister of State for Power, Osinbajo emphasized the significance of gas in realizing the country’s energy transformation.

He asserts that without gas, we will be unable to complete the transformation. The gas facilitates this shift by offering AutoGas choices on cars and, more significantly, by replacing polluting coal plants all around the globe with gas-powered ones.

In the beginning, gas was hailed as an important transition fuel since it burns cleaner than coal or oil.

Many lenders have extremely stringent rules against even financing upstream, midstream, or downstream natural-gas projects as a result of climate change legislation, especially in the West.

With inadequate gas investment and no comparable substitution by renewables, he said that the result was a shortage of gas and high costs.

Osinbajo said the Federal Government has approved the Nigerian Liquefied Natural Gas Train 7 while reaffirming Nigeria’s commitment to leading local and global debates on the role of gas in the new world order.

As he sees it, Train 7 is a ₦10 billion investment that would maintain Nigeria at the top of the Liquefied Natural Gas (LNG) supply chain and position the nation for the important role that gas will play in the Energy Transition.

It was brought to his attention that the federal government had started the Decade of Gas under the Ministry of Petroleum Resources. He said this was significant.

In Nigeria, we designated 2020 “The Year of Gas” to show our determination that gas production and use should be a national priority, Mr. President stated on March 29.

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This decade will be devoted to industrializing Nigeria using gas, as we have done in the past.

Natural gas pipeline construction in Nigeria, which will be completed in 2023 as part of the Decade of Gas, would not only allow for the expansion of gas power and industry across Nigeria but will also allow for the expansion of renewable energy sources.

Because of this, we will be able to balance out the intermittent solar plants that must be constructed in order to achieve our climate change objectives.

The vice president, on the other hand, voiced worry about insufficient energy investments to achieve net-zero goals.

“Investment in renewables just isn’t there to sustain the anticipated faster pace of Fossil fuel eradication.

The main energy requirement is now met by fossil fuels to an extent of 83%.

Without the necessary ramp-up in renewable, investment in fossil fuels has fallen by 40% since 2015.

The Energy Transition, according to Osinbajo, will not be simple, smooth, or completed without making tough decisions. He says we have learned this over the last few weeks.

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According to the vice president, the dangers of making net-zero promises that span 30 years are obvious to everyone.

Oil, coal, and gas prices have risen by 95% since May according to The Economist. Also, several coal-fired power plants in the United Kingdom have been shut down, according to reports.

When people say the Energy Transition is going to make energy more scarce and expensive, I have to agree.

According to Osinbajo, if these occurrences aren’t handled properly, public opinion may shift against climate change measures.

Prior to this, ACCI President Dr. Al-Mujtaba applauded Nigeria’s Federal Government for putting together a gas agenda that became a solution to the country’s energy transition issue.

Gas commercialization agenda, Autogas efforts, and other policy responses, according to him, have given Nigeria’s energy transformation need much-needed solutions.

The Director of Policy at ACCI, Mr. Olawale Rasheed, emphasized the importance of Nigeria achieving its carbon emission reduction goal without jeopardizing national security.

“Basically, we’re arguing that gas is necessary because it’s healthy for us and it’s cleaner,” Rasheed added.

He also asked for expanded gas production capacity in a speech by Mr. Olakpode Sowunmi of CABTRI.

He asserts that increasing our ability to generate more gas is achieved by increasing the pace.

Many people wonder why they can’t utilize the gas they flare for cooking, but it’s not the same.

Water in the river does not always equate to drinkable water. “

For residential usage, the gas must be treated, according to him.

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