In view of the recommendations for appropriate pricing for the strategic sectors of Nigeria’s domestic market, the Honourable Minister of State for Petroleum Resources, H.E Chief Timipre Sylva has officially received the recommended report by the Committee on Sector-Wide Review of Nigeria’s Domestic Gas Pricing framework.
The Hon. Minister of State said that the purpose of the entire report is to reduce the price of gas in order to liberalize the sector for more stakeholders to get involved. He opined that this will enable the sector to grow and attract more investment drive with accelerated development in the entire gas value chain. Speaking at the event in the Amphi Theatre, Sylva reaffirmed that Nigeria has abundant gas resources in its reserves with a total sum of 203 TCF proven reserve and 600 TCF possible reserve.
The Minister emphasized on choice options that would come with appropriate pricing and the analogy of one opting for Autogas instead of Premium Motor Spirit (PMS), adding that Gas based industries among others will continue to dominate and migrate the sustainability of the economy at large.
Speaking earlier, the Permanent Secretary Ministry of Petroleum Resources, Mr. Bitrus Bako Nabasu mni, said that, “we are delighted to have a final report which documents recommendation based on problems we are much familiar with in the Nigerian Domestic Gas market”. He added that, the pricing must be cost reflective, non-discriminatory, realistic and market determined. He started also that “cheap gas which Nigeria boasts to have in abundance remains our only nexus to economic sustainability.”
Present also at the event were the Group Managing Director of NNPC, Mallam Mele Kolo Kyari, the Director of DPR, Engr. Auwalu Sarki, the Director Gas MPR, Engr. Nkem Agolor, the Chief Operating officer (COO) Gas and Power, Engr. Yusuf Usman amongst others.