The Minister of State for Petroleum Resources, Timipre Sylva has said that Nigeria’s quest to develop its huge gas potential will address challenges in the power sector.
In his keynote address at the Decade of Gas session of the 5th Edition of the Nigeria International Energy Summit (N.I.E.S 2022), Sylva, explained that when the country’s gas potential is enhanced, it has the ability to lift people out of energy poverty and foster economic development. According to him, interventions in the gas sector have a significant positive effect on power sector development.
With current natural gas reserves of 206.53tcf, Nigeria is yet to tap its 600tcf of gas.
Due to its competitive nature, the minister noted that “Natural gas is a highly competitive source of power and it can replace more expensive fuel sources, thus reducing the cost of energy. Thus, with lower energy prices, businesses can thrive and more people can have access to electricity.
