Analysts have hinted that Nigeria holds the largest natural gas reserves on the continent and has exported significantly  the  product increasingly  in the past 23 years. This may  have been one of the indicators, prompting  Seplat to  splash a whopping  sum  of $250million on the sector.

The announcement  which took place during the Nigeria Oil and Gas Outlook event in Lagos, themed “Investing in Nigeria’s Energy Future,” where the company’s vision were outlined  for contributing to the energy landscape. According to the  Director of New Energy at Seplat Plc, Effiong Okon,  who unveiled the company’s plan to construct a new $250m gas plant in Sapele, Delta State

The Seplat boss, revealed  his  organization  commitment to addressing climate  change  and  the  fact that they are  set to deliver a lot of LPS  to the market.  During a panel discussion on secured energy transition towards gas. He said  “We are also starting a brand-new plant in Sapele, the Sapele gas plant – another $250 million investment that will deliver a lot of LPGs to the market.”

Providing insights into the company’s timeline, Effiong announced that Seplat’s Joint Venture gas processing facility in Imo State is set to be completed by December, with plans for commissioning in January 2024. In addressing the broader investment climate, Effiong emphasized the pivotal role of the private sector in driving investments in the oil and gas sector.

He stressed that the government’s support through policies and ensuring a secure environment is crucial for fostering sustainable growth and development in the industry.   This aligns with the global market trend, which increasingly focuses on energy-related ventures, with Africa emerging as a key player in this landscape.

Recall that Analysts say that there is a heightened interest from investors in the energy sector, anticipating substantial investments to flow into Africa’s largest economy.

Meanwhile, the Manufacturers Association of Nigeria,(MAN) already noted that  energy costs consist of over 30 per cent of businesses in the country. The increase in petrol prices has further worsened the difficulties faced by struggling MSMEs, who are already burdened by numerous challenges related to their operating conditions.

Tobi Reuben Adetunji
Tobi Reuben Adetunji
Tobi Reuben Adetunji, holds a Degree and Master Degree in Political Science from the prestigious, Obafemi Awolowo University, ile-ife Osun and University of Lagos Akoka, Lagos State respectively. His research interests revolve around; African Politics and Economy, Climate Change, Artificial Intelligence, Renewable Energy and information Technology.

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