FG to expand gas supply for power, industries
The federal government says it will expand gas supply for power generation, industries and clean cooking as part of efforts to reduce Nigeria’s dependence on oil revenue and support economic diversification.
President Bola Tinubu disclosed this on Tuesday in Abuja at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), where he was represented by Vice-President Kashim Shettima.
Tinubu said the administration had already reduced the country’s dependence on oil revenue and would pursue further diversification through agriculture, manufacturing, digital technology and the creative industries.
“We have already reduced our dependence on oil revenue, and we intend to go further,” the President said.
He, however, noted that a diversified economy still required energy, foreign exchange and investment, adding that the oil and gas sector remained critical to supporting economic growth.
“Our gas can power homes and factories. Petroleum earnings support a stable naira and help fund the Federation,” he said.
The President said improved collaboration among security agencies, petroleum operators, host communities and the NUPRC had helped make oil production steadier and stronger.
He added that investors who previously left Nigeria in search of better opportunities were returning, saying the country had ranked first among Africa’s leading destinations for upstream investment for two consecutive years.
