The Minister of State for Petroleum, Timipre Silva has announced on Thursday that the Nigeria’s gas reserve is the highest in the whole of the African region with a gas deposits that stands at about 206.53 trillion cubic feet which worth an estimated value of $800trn.
Left.ng, reports that Silva disclosed this at the 2022 Annual Public Lecture of the Nigerian Society of Engineers in Abuja on Thursday, April 28, 2022.
The Minister said that the country’s natural gas would soon be categorized as green energy source. As he noted that Nigeria is well-positioned to lead the clean energy drive in Nigeria and Africa with the help of technology.
The federal government also stated that the European Union had suggested categorising natural gas as a green energy source which will affect Nigeria favourably going by its massive gas reserves.
Silva also stated that markets alone cannot boost the energy growth at a good enough pace or scale to handle the climate problem and investment.
He stressed that the Nigerian government has an important part to play in propelling the private sector to act so that the country’s economy can compete with the rest of the world.
Legit.ng also reports that the minister said presently, only gas can address the three priorities of security of supply, global competitiveness and a reduction of greenhouse emissions, saying that with the country’s 206.53 trillion cubic feet valued at 803.4 trillion, the most extensive in Africa and among the top 10 in the world.
The country is following a transition pathway that incorporates technology, investment, business strategies, and government plans that could enable the country to move from its current energy system to a low-carbon energy system. The Minister disclosed.
He said that from the next generation which is between now and 2060 the country through it’s policies will be playing a vital role.
The Minister finally stated that Nigeria is well-situated to drive the future of natural gas technology in Africa and strongly compete in the global energy market.