Nigeria Content Online

The Federal
Government is set to ensure that an effective gas policy is evolved in
Nigeria, considering that the country is fortunate to have one of the
largest gas deposits in the world which has been neglected over time,
especially for local use, the Vice President Namadi Sambo has said.

Mr Sambo made this
disclosure yesterday during a courtesy visit paid to him by a
delegation from the Nigerian Gas Association (NGA), led by its
Chairman, Charles Osezua, which was in the State House to brief him on
the just concluded Conference on Gas Development in Nigeria.

The Vice President
pledged government’s resolve to give all the necessary support towards
realizing this objective. He listed some steps taken by the government
to include construction of ten new thermal/gas power plants in the
country and the encouragement of private sector participation; the
drawing up of a gas master plan by government and the mandate given to
NNPC to commence a detailed study and designs of gas transfer.

He informed the
group that on November, 23, the President of the African Development
Bank will be visiting Nigeria to ascertain the areas where the bank can
support Nigeria.

He also pointed out
that on the 6th of December, the Islamic Development Bank will also be
in Nigeria for the IDB day and use the opportunity to examine
infrastructural projects in the country for the purpose of making
available cheap funds with long term repayment periods at low interests
rates.

Funds for growth

He further stated
that the China Exim Bank, Japanese Yen Credit, European Union and the
Common Wealth Business Council are other bodies interested in
supporting government’s planned development of the gas sector both
technically and financially.

Mr. Sambo
reiterated the administration’s resolve to support the development of
gas and its export sector in Nigeria in order to realize the roadmap to
improve power in Nigeria. “This is a viable project, the sum of N300
billion having been made available to be accessed via the CBN,” he said.

Mr Osezua commended
government’s intervention through the CBN funding to enable potential
power and gas investors access capital which hitherto had been a major
challenge.

He also observed
that it was crucial that infrastructural challenges, such as the North
to South gas pipelines network be worked.

Mr. Osezua urged government to review the licensing tenure and enthused that gas needs power and power needs power.