Nigeria’s minister of state for gas, Ekperikpe Ekpo, stated at the Gastech conference in Singapore that the country has ample natural gas reserves.
He expressed confidence in ramping up its production to over 5 billion cubic feet daily by the year 2030.
Highlighting the nation’s focus, Ekpo mentioned, “Nigeria has dedicated the years 2020 to 2030 as the decade of gas.
Thus, by 2030, we aim to achieve a daily production of 5.5 billion cubic feet (equivalent to 57 billion cubic meters annually).”
He also pointed out the availability of funds for expansion but didn’t provide specifics.
However, the Energy Institute reported a decline in Nigeria’s gas output by about 11% in 2022, from the rates in 2019 and 2020.
This reduction led to a 16% fall in liquefied natural gas (LNG) exports, granting Nigeria just under 4% of the global LNG export market.
It’s noteworthy that nearly 90% of Nigeria’s foreign exchange and about half its budget depend on fossil fuel exports.
Workers from all sectors in the African country walked off their jobs on Tuesday to protest the growing cost of living caused by the government’s removal of gas subsidies, threatening to “shut down” Africa’s largest economy if their demands for improved welfare are not met.
The Nigeria Labor Congress workers association began a two-day “warning strike” on Tuesday, their second in over a month.
They met last week and complained that the decision of Nigeria’s President Bola Tinubu to remove gas subsidies has “unleashed massive suffering on workers and masses.”
