NNPC’s Bold Vision: Transforming Nigeria into a Gas-Powered Nation

The Nigerian National Petroleum Company Limited (NNPC) has reiterated its commitment to turning Nigeria into a gas-powered nation, in line with the country’s vast natural gas reserves of over 209 trillion cubic feet.

The statement came during an event in Lagos where NNPC’s Group Chief Executive Officer, Mele Kyari, was honored with the Energy Times’ GCEO of the Year Award.

Represented by the Chief Corporate Communications Officer, Mr. Olufemi Soneye, Kyari highlighted the company’s transition since the Petroleum Industry Act (PIA) and emphasized the ongoing development of gas infrastructure like the OB-3 Gas Pipeline and the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline.

These projects aim to deepen the domestic gas market and expand Nigeria’s presence in the global market through initiatives such as the West Africa Gas Pipeline, the Nigeria-Morocco Gas Pipeline, and Train 7 of the Nigeria Liquefied Natural Gas (NLNG).

The NNPC is also broadening its portfolio in the power sector by investing in Independent Power Plants (IPPs) and plans to build three new power plants in the AKK Pipeline corridor in Abuja, Kaduna, and Kano.

The 1,350MW Gwagwalada Power Plant, for which the groundbreaking ceremony was performed by President Bola Ahmed Tinubu last August, is one of the significant investments in this direction.

The award was given to Kyari in recognition of his commitment to accountability, transparency, and performance excellence within the Nigerian oil & gas industry.

In his acceptance speech, Kyari dedicated the award to all NNPC staff and promised to work even harder towards achieving more for both the company and the industry as a whole.

Meanwhile, the Lagos Commodities and Futures Exchange (LCFE) announced plans to offer crude oil and gas trading to deepen access to financing for the industry.

This move will be a first for Nigeria, the largest oil producer in Africa.

The LCFE, in collaboration with the Securities and Exchange Commission (SEC), aims to meet trading requirements and boost transparency, price discovery, and product quality in the Nigerian oil & gas sector.

By trading 50 million barrels annually, which amounts to $4 billion at current prices, the LCFE expects to connect oil producers to local and offshore markets, reduce default risks, increase product availability, and attract more investments.

This initiative also marks the first time fossil fuel will be traded on an exchange in Nigeria, highlighting the country’s commitment to integrating into the global market and enhancing its revenue sources.

As Nigeria continues its journey toward becoming a gas-powered nation, the NNPC’s efforts, along with initiatives like the LCFE’s, are set to transform the country’s energy landscape and secure its position in the global energy market.