The Group Managing Director of Rainoil Limited, Dr. Gabriel Ogbechie, has said there is need for the Federal Government and other critical stakeholder in the energy sector to invest heavily in gas infrastructure so as to build a resilient energy system that will guarantee national energy security.
He stated that scaling up the cleaner energy initiatives would attract domestic and international investors. Ogbechie spoke while delivering his address as Conference Chairman at the 2024 annual strategic international conference, hosted by the Association of Energy Correspondents of Nigeria (NAEC) in Lagos according to a statement yesterday.
The oil expert harped on the need to secure national energy by curbing pipeline vandalism. He said that transitioning to a gas powered economy required significant capital investments as a 2023 Nigeria Extractive Industries Transparency Initiative (NEITI) Report stated that Nigeria requires approximately $20 billion annually to bridge its gas infrastructure deficit.
He noted that from pipelines to processing plants, the infrastructure demands were immense, and financing this transition posed real challenges. Nigeria’s current economy, marked by inflationary pressures, fluctuating oil prices, and currency volatility, makes financing even more challenging.
Ogbechie said: “Compressed Natural Gas (CNG) will play a crucial role in transportation, with significant projects already underway in the FCT, Lagos, Ogun, and Edo states.
“Meanwhile, LPG initiatives are revolutionising household energy use, with millions of households transitioning from kerosene and firewood to cleaner, more efficient LPG cooking fuels under the National LPG Expansion Implementation Plan.
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