In a move towards addressing the lingering challenges of epileptic power supply, the Nigerian National Petroleum Corporation (NNPC) says it is aiming to supply five billion standard cubic feet per day (bcfd) of gas to domestic market.
According to the organisation, through this supply mechanism, about 15,000 megawatts (MW) of electricity could be generated in the next three years.
It added that Nigeria was capable to provide as much as 10 percent of the world tradable fertiliser in no distance time, producing between seven and 10 metric tonnes per annum (mtpa) of fertiliser and 5mtpa of methanol and other viable petrochemical products.
Speaking at the recent the 42nd Society of Petroleum Engineers (SPE) Nigerian Annual International Conference & Exhibition (NAICE) in Lagos, the Chief Operating Officer (COO) Upstream of NNPC, Bello Rabiu, said the country could make a capital out of its gas resources to diversify its economy from oil.
Rabiu, noted there were seven critical gas development projects the NNPC was involved in, which when completed, would bring the domestic gas supply to a supply level of about 5bcsfd in the next three years.
He also stated that this was expected to result in the country’s gas market operating under a willing buyer – willing seller arrangement; ensure that up to five million jobs are created; grow Nigeria’s Gross Domestic Product (GDP) between $25 and $40 billion; and help her achieve import substitution worth $7 and $8 billion.
“With 5bcfd domestic gas supply, Nigeria will have sufficient gas to generate 15GW of power; 7-10mtpa of fertiliser; 10mtpa of other petrochemical; 5mtpa of methanol and 40mtpa of cement.
“Nigeria will become a hub for gas-based industries and net exporter of fertiliser, petrochemicals and methanol in a competitive global market, thus, generating foreign exchange earnings for the nation,” Rabiu said.
