Obaseki, stakeholders seek policies to attract gas investment

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Edo State Governor Godwin Obaseki and stakeholders in the liquefied petroleum gas sector have called for targeted policies to attract more investment into the sector to maximize Nigeria’s gas resources for Development.

Stakeholders noted that despite its enormous potential, the sector was plagued by a poorly regulated retail market, a shortage of LPG storage facilities, inadequate infrastructure, logistical inadequacies, insecurity and currency crisis.

They spoke at the 11th Nigeria Liquefied Petroleum Gas Association International Conference and Exhibition, which was held virtually.

According to Obaseki, Nigeria has proven gas reserves of around 206 trillion cubic feet and it is imperative that the country make critical decisions that will enable industrialization and economic growth through gas.

Represented by state commissioner for mines, oil and gas, Ethan Uzamere, he said value and investments in the sector could be increased with the right policies and the right regulatory framework.

He said the state government recognizes the importance of gas and uses it for the supply of electricity through the Ossiomo power station, which currently powers government buildings and streetlights in Benin City.

He said: “Given these impressive statistics, work to expand the project is currently underway. We plan to sell electricity to customers who are ready to buy.

“With this initiative, we have put in place a policy that will facilitate business and open the possibility for investors to come and invest to ensure the growth of the market.”

Nigeria LNG Ltd Managing Director Dr Phillip Mshelbila said passing the Oil Industry Law would help attract investment by providing incentives to investors.

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