The Federal Authorities is looking for to unlock Nigeria’s greater than 215 trillion cubic ft (tcf) of confirmed pure gas reserves to assist industrialisation, appeal to funding and strengthen home vitality provide.
George Akume, Secretary to the Authorities of the Federation (SGF), disclosed this on Wednesday on the fifth PENGASSAN Vitality and Labour Summit (PEALS 2026) in Abuja. The theme of the three-day summit is, “Strengthening regulatory frameworks as a catalyst for stability and growth in Nigeria’s oil and gas business.”
Akume, represented by Olatunde Bolade, mentioned the federal government was accelerating the Decade of Gas programme beneath the Renewed Hope Agenda to improve home gas utilisation and scale back dependence on crude oil.
He mentioned gas could be deployed as an vitality supply and industrial feedstock for manufacturing, fertiliser and petrochemical manufacturing, transportation and electrical energy technology.
In accordance to him, larger gas utilisation would allow Nigeria to convert its pure assets into industrial output, jobs, know-how switch and funding alternatives.
The SGF additionally linked increased home refining capability to broader financial positive factors, together with elevated employment, enlargement of logistics and transportation companies, alternatives for native contractors and repair suppliers, and decreased overseas trade demand for petroleum product imports.
In the meantime, Meyiwa Eyisan, chief govt of the Nigeria Upstream Petroleum Regulatory Fee (NUPRC), mentioned Nigeria might improve crude oil manufacturing to three million barrels per day by way of increased funding, improved regulation and stronger business collaboration.
Eyisan mentioned the NUPRC was reviewing rules that had constrained funding and manufacturing, whereas ageing infrastructure remained a significant problem.
She disclosed that the federal government was focusing on between $30 billion and $50 billion in new oil and gas funding, significantly following incentives launched for deepwater operations.
In accordance to her, business funding fell from about $26 billion in 2014 to roughly $2 billion between 2020 and 2023, underscoring the necessity for measures to restore investor confidence.
Eyisan additionally mentioned the Fee had launched gas-swap tips to deal with home provide obligations the place operators lacked sufficient evacuation infrastructure, describing the initiative as a possible sport changer.
Talking additionally, Mohammad Dingyadi Minister of Labour and Employment, mentioned industrial concord was important to sustainable sector growth, whereas PENGASSAN President Festus Osifo urged stricter enforcement of Nigerian Content material provisions, significantly on expatriate employment.
Bayo Ojulari, group chief govt officer of NNPC Restricted, represented on the summit by the corporate’s human assets consultant, referred to as for larger self-discipline and accountability throughout the business, warning towards waste and poor governance.
In his deal with, Festus Osifo, president of PENGASSAN, mentioned expatriate engagements ought to embrace measurable information switch, succession plans and the deliberate growth of Nigerian professionals.
