While speaking at the 2017 Nigeria Oil and Gas Strategic Conference and International Exhibition in Abuja, the Managing Director of NLNG, Tony Attah, has put the immediate loss of foreign investment due to the delay in the takeoff of its Train 7 plant at $25 billion (N10 trillion), The Guardian reports.
According to the company, another impact will be the potential loss of about 18,000 jobs required for the construction activities of Train 7. Attah emphasised the need to focus on the NLNG model and get moving on the Natural Gas Policy, implement fiscal reforms in joint ventures, production sharing contracts and service contracts as well as embed adequate institutional reforms while ensuring that the Petroleum Industry Bill (PIB) is passed into law without delay.
But the Minister of State for Petroleum, Ibe Kachikwu, said that the Federal Government has initiated gas policy interventions that would move the economy from oil to gas. He disclosed that the country will diversify the gas supply options within Nigeria, to ensure security of supply; extend gas penetration in the domestic market in order to facilitate the growth of the electric power, agricultural, and industrial sectors; gain a presence for Nigerian gas in international markets; and operate a gas industry with a clear division of roles between private and public sectors.
Also, the Group Managing Director of NNPC, Dr. Maikanti Kacalla Baru, said about $35.4 billion investment will be required in the gas exploration and production activities, power plants projects, fertilizer plants, virtual pipelines and flare gas commercialization initiatives. The GMD added that $16 billion investment will also be needed in the Free Trade Zones (FTZ) infrastructure development and concessioning, port infrastructure, central gas processing facilities, gas transmission, LPG plants, real estate development, pipe milling and local fabrication yards among others.