Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), has advocated for increased investment to explore Nigeria’s enormous gas reserves. Lokpobiri made the call on Tuesday during the 8th Sub-Saharan Africa International Petroleum Exhibition and Conference, which was held in Lagos.
The minister, who was represented at SAIPEC by Mrs Oluremi Komolafe, Director of Gas, Ministry of Petroleum Resources, stated that the event was significant for the energy industry, particularly at a time when energy transition and security are global issues. According to him, gas is more than simply a transition fuel in Nigeria; it is vital in achieving a more secure energy future and serving as a catalyst for other national development goals.
He mentioned that the Ministry of Petroleum Resources has recognized financing and infrastructure investment as vital to the gas sector’s development. “As part of the tools to address this problem, the Midstream and Downstream Gas Infrastructure Fund was put in place to enable the government to make equity investment in gas infrastructure,” the secretary of state said.
He stated that the Nigerian government had implemented incentives to promote gas sector development, such as three-year tax breaks for enterprises that build and run gas pipelines, zero duty and VAT on imported natural gas, and current tax breaks on imported gas equipment. In pushing for increased investments, Lokpobiri stated that the burden of expanding the energy resources does not rest alone with the government as it calls for collaboration, information exchange, and commitment from private sector industry actors.
He appealed for collaboration to support existing government projects as plans are in to launch important infrastructure such as the AKK and expand the Lagos-Escravos pipeline to Morocco and Europe. The Minister reiterated that there is a high demand for gas in Nigeria, and the industry is vast enough to accommodate everyone, he stated that the Ministry of Petroleum Resources is open to ideas and projects that will help us bridge the gap between gas demand and the low degree of development of our vast natural gas reserves.
