The federal government has assured that it is working to develop a creative and innovative gas policy as well as regulatory frameworks to meet the aspirations of the Nigerian people and prospective investors.
Ibe Kachikwu, Minister of State for Petroleum Resources, made this known during the Powering Africa Conference in Abuja on Friday.
Kachikwu, represented by his Special Adviser on Policy and Fiscal Matters, Timothy Okon, said that going by the large gas reserves in the country, Nigeria should be a gas-based economy and not one hinged on oil.
The minister said that Nigeria had been exposed to a favourable international gas environment marked by high prices, strong global demand and large flows of investment.
He said that opportunities abound for investments in emerging markets for power and gas- based industrialisation such as in petrochemicals, methanol and fertiliser.
Kachikwu said that government had over the years developed various initiatives to encourage investment in the upstream, midstream and downstream sectors of the gas value chain.
He said that government’s vision was to extend gas penetration in the domestic market to facilitate the growth of electric power and the industrial sector.
Other reasons, he said, were to ensure the presence of Nigerian gas in the international market as well as to end gas flaring and address environmental challenges.