NIGERIA must accelerate the conversion of its estimated 600 trillion cubic feet (TCF) gas potential into electricity, industrial growth, jobs, foreign exchange and broad-based economic prosperity, the Managing Director of Nigeria LNG Limited (NLNG), Engr. Adeleye Falade, has said.
Falade made the call while delivering the keynote address at the 5th Energy and Labour Summit organised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), stressing that Nigeria’s vast gas resources could serve as a major driver of national development if supported by the right governance, investment, infrastructure and commercial frameworks.
He said the central challenge before the country was no longer simply the availability of gas resources, but how to transform those resources into tangible economic value for Nigerians.
“Geology creates opportunity; governance determines the outcome,” Falade said, arguing that countries do not prosper merely because they discover natural resources, but when they build the institutions, infrastructure, commercial frameworks and human capabilities required to convert those resources into value.
According to him, Nigeria has some of the largest gas reserves in the world and is already a major LNG exporter, yet the country still has significant opportunities to expand the use of gas for electricity generation, fertiliser production, petrochemicals, LPG and manufacturing.
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He said the country’s ability to unlock those opportunities would depend largely on the strength and predictability of its regulatory and investment environment.
“Investors do not commit millions of dollars based on resources alone. Capital goes where there is investor confidence,” he…
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