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Home ยป Nigeria’s $5bn gas earnings low – Shettima
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Nigeria’s $5bn gas earnings low – Shettima

OsunDailyBy OsunDailyOctober 27, 2023No Comments2 Mins Read
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Vice President, Senator Kashim Shettima has decried that Nigeriaโ€™s $5 billion gas earnings were insufficient compared to the Nationโ€™s reserve.

Shettima disclosed this Thursday in his remarks at the 6th Valuechain Annual Lecture and Awards in Abuja.

The Vice President was represented by his Special Adviser on Energy and Power Infrastructure, Sodiq Wanka, who said that Nigeria has over 200 trillion cubic feet of untapped gas resources and ranks 9th globally regarding proven reserves.

He said the impact of truly exploiting the Nationโ€™s gas reserves could not be overstated as gas was critical to the Nationโ€™s power supply, not only accounting for 80 per cent of power generation, but expected to be the dominant power generation source by the end of this decade.

โ€œToday, Nigeria earns around $5bn from gas production, 40 per cent less than in Egypt, which has around 30 per cent of Nigeriaโ€™s reserves.

โ€œOur production-to-reserve ratio is less than a third of Egyptโ€™s, less than a quarter of Algeriaโ€™s and around 10 per cent of Malaysiaโ€™s. In the aftermath of the Russia-Ukraine war, the EU and many other nations were shopping for Liquefied Natural Gas.

โ€œNigeriaโ€™s largest Liquified Natural Gas, LNG, assets were operating significantly below capacity because of inadequate gas supply.

โ€œAt this rate, according to a decade of gas analysis, we could have a demand-supply gap of up to 10bscfd (billion standard cubic feet per day) of gas by 2030,โ€ he said.


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5bn Earnings Gas Nigerias Shettima
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