Nigeria’s Gas Production Growth Sparks Optimism, as Country Aims to Become a Gas Economy by 2030

Nigeria’s gas production is increasing, with the Federal Government aiming to ramp up production and turn the country into a gas economy by 2030. According to the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, gas production in Nigeria is growing from 7.5 billion cubic feet per day to around 12 bcf per day.

Ekpo revealed this at a recent event in Lagos, where he stated that his major focus during his second year in office will be to increase gas production and turn Nigeria into a gas economy. He explained that the country is making progress towards achieving this goal, with the aim of ensuring gas sufficiency in the country.

The minister expressed optimism that more gas would be produced, particularly as some international oil companies (IOCs) are divesting to deep water, where there are significant gas deposits. He assured Nigerians that the sustainability plan is focused on producing more gas from the country’s resources, and that the commitment of President Bola Tinubu provides assurance that sufficient gas will be available.

Nigeria’s reserves of associated gas and non-associated gas stand at 209.26 trillion cubic feet, according to the Nigerian Upstream Petroleum Regulatory Commission. However, despite the growing gas production, the rising cost of cooking gas remains a concern for Nigerians, with prices reaching around N1,300 per kilogramme in June, up from less than N1,000 in the same month last year.

The country’s aim to become a gas economy by 2030 is part of the Decade of Gas initiative, which aims to promote the use of gas as a transition fuel. The government hopes that this will lead to increased economic growth, job creation, and reduced reliance on imported fuels.