Nigeria is said to be exploring a paltry 1.7 per cent gas reserves despite the huge deposits in the country, the Minister of State (Gas), Petroleum Resources Ministry, Obongemem Ekperikpe Ekpo said.
Ekpo said the hardship currently experienced in Nigeria will soon be over as the country is now fully prepared to take advantage of its energy reserves, which have been lying dormant over the years.
The Minister who spoke this Monday in Abuja, after his swearing-in ceremony by President Bola Ahmed Tinubu at the Presidential Villa, Abuja lauded Mr. President for his ingenuity in creating the Ministry of Gas Resources.
According to him, the country has about 280 trillion standard cubit feet, translating into $800 billion, is an indication that the President is poised to explore other Nigeria’s rich resources to the benefit of the nation’s economy beyond crude oil.
The one-time national lawmaker observed that his study on the sector shows that only a paltry 1.7% of the nation’s gas reserves have been utilised and called on critical stakeholders to partner his ministry for the full utilisation of the gas and petroleum sector.
“Let me thank Mr. President for this recognition and thank him again for his ingenuity in creating the ministry of gas resources that has been lying dormant for years untapped. The resources that have been unutilised in this sector are ones that can change the economic fortunes of Nigeria forever.
“This ministry is all about gas, which is part of petroleum resources. As a country, we are sitting on gas, and the gas deposit from our study is about 280 trillion standard cubit feet, which translates to over $800 billion. And when this is fully harnessed, it will impact our economy directly. At the moment, we have only accessed a paltry 1.7%, and this shows we are still yet to fully take advantage of this sector.
“We are going to be very intentional about the ministry and ensure we attract foreign investors to come into Nigeria and take part in the gas revolution that we are going to create, and the result will help ameliorate the economic hardships Nigerians are experiencing, to the extent that businesses will be created, employment opportunities will be available for Nigerians, energy will be available, and of course, the benefits will be enormous for all,” Ekpo stated.
The Minister, therefore, called on Nigerians to exercise a little more patience with the leadership of the country, noting that the blueprint of the president is geared towards the upliftment and prosperity of Nigerians.
“What is required now is a bit of patience with the leadership of the country. Mr. President is very determined to ensure the country is up and running. We have seen this through the young and vibrant people he has appointed as ministers to help interpret his vision. We are on the right path as a country. This administration is poised to restore Nigeria to its rightful place.
“For my people in Akwa Ibom State, this appointment is a unification of our state and our people. It is a sure indication that the best is about to happen. Having worked together as a people to bring this government to power, we will ensure that all your efforts are rewarded.
“All we require from our people are their prayers, support, and steadfastness. With Chief Godswill Akpabio as the Senate President and your son as the minister of gas and petroleum resources, your support for APC over the years will be rewarded adequately,” he said.
The Nigerian Senate President, Godswill Akpabio said the country has been ignoring the huge opportunities that are embedded in the gas sector and concentrating so much on crude oil. He opined that President Bola Ahmed Tinubu, having recognised the huge resources in the gas sector, created the ministry and handed it to a man who would best interpret the vision of Mr. President.
“Let me thank President Bola Ahmed Tinubu for recognising Akwa Ibom State as an oil and gas producing state. Petroleum simply means oil and gas. And for the fact that we have concentrated so much on crude oil over the years, we tend to ignore the huge opportunities embedded in the gas reserve.
“Mr. President, having recognised that we have well over eight hundred billion dollars to tap from in the gas sector, created this ministry to report directly to him. And just like crude oil gave us huge foreign exchange, I want to say that the future is gas.
“The global community is now focusing on gas. The new thinking of world powers like the US, Russia, Ukraine, the UK, and many others is gas exploration, and Nigeria cannot be left out. We are now expecting more investors to come into the gas sector.
“The Honourable Minister, Obongemem Ekperikpe Ekpo, has already started on an impressive manner, putting together a team of professionals with huge experience in the oil and gas sector as advisers. One of his advisers had been a managing director of Halliburton, as had other top personalities. I think this is a step in the right direction.”
Akpabio pledged the National Assembly’s support to President Tinubu to ensuring his vision and promises for Nigerians are realised.
“The 10th National Assembly will continue to support Mr. President in all his efforts in attracting foreign investors to Nigeria, creating employment, and generating revenue for the country for the betterment of all,” he assured.
