Ed Ubong, the Coordinator of the Decade of Gas Initiative, has passionately advocated for the adoption of a gas-driven economy, underscoring its transformative potential for Nigeria’s workforce and overall economic stability. Speaking at the NAEC Annual Strategic International Conference 2024 in Lagos, Ubong highlighted the initiative’s promise of job creation for millions of Nigerians, bolstering small and medium-sized enterprises (SMEs), and stabilizing the nation’s economy.
Ubong noted that Nigeria boasts significant natural gas resources, holding over 206 trillion cubic feet of reserves, which positions the country as the largest gas reserve holder in Africa and the ninth largest globally. He emphasized, “These reserves are not just a national asset but a global one, providing the foundation for energy security, industrialization, and economic growth.”
The Decade of Gas Initiative, launched in 2021 by the Federal Government, seeks to leverage these abundant natural gas resources for comprehensive economic development and energy transition over the next decade. “This initiative represents a concerted effort by the government and the private sector to drive Nigeria’s development, focusing on energy sufficiency, industrialization, and economic prosperity,” he stated.
According to Ubong, gas should be recognized not only as a fuel but also as a vital industrial feedstock that can enhance Nigeria’s electricity generation capacity, reduce energy costs, and provide reliable electricity to households, businesses, and industries alike.
“To realize this vision, we must invest in gas pipelines and gas-fired power plants,” he asserted. “The industrialization of Nigeria relies heavily on creating a robust domestic gas market to support industries such as petrochemical plants, fertilizer production, and manufacturing facilities. By harnessing gas as an engine for industrialization, we can attract new investments, create jobs, and shift towards a diversified economy, reducing our reliance on crude oil.”
Ubong also emphasized the critical roles of the government, private sector, and media in fostering innovation and encouraging investment in gas-related projects. He pointed out that ongoing developments in gas infrastructure, such as the construction of the OB3 and AKK pipelines, as well as gas processing facilities, are pivotal in reshaping Nigeria’s energy landscape.
As Nigeria seeks to enhance its technological and industrial capabilities, Ubong believes that a shift towards a gas-driven economy will not only empower local communities but also attract foreign investments, ultimately contributing to a more resilient and sustainable economic framework.
In conclusion, the Decade of Gas Initiative aims to harness Nigeria’s vast natural gas resources as a cornerstone for economic growth, job creation, and industrial development. This ambitious project positions Nigeria on the path toward a sustainable energy future while ensuring that its abundant resources benefit the entire population. As the nation embraces this gas revolution, it stands to transform not just its economy but also the lives of millions, fostering a prosperous and innovative future for all.
