What petroleum Act, gas initiatives mean to Nigeria

Vice President Yemi Osinbajo has said that the passage of the Petroleum Industry Bill, as well as Nigeria’s gas initiatives, will help transform Nigeria into a gas-based industrialized nation.

He said it would also create a better-managed petroleum industry with more value addition for both investors and Nigerians alike, Osinbajo stated in his remarks at a virtual event to commemorate the 25th anniversary of Sahara (Energy) Group.

President Muhammadu Buhari signed the Petroleum Industry Bill 2021 into law last week, and has also approved a steering committee to oversee the process of implementation of the newly signed Petroleum Industry Act (PIA).

Osinbajo said that the gas initiatives of the Federal Government include the drive to encourage investments in gas production and optimize the nation’s enormous gas potential.

In addition, Compressed Natural Gas (CNG) is being developed into an alternative automobile fuel as a means of affording Nigerians cheaper, cleaner and additional fuel. This way, there will be a reduction in the ecological and economic costs of energy.

There is also the Gas Masterplan which provides for investment in the necessary infrastructure for gas transportation across the nation. All of these will reduce local crude oil dependency, whilst strengthening the drive for cleaner sources of energy as a nation.


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