The Federal Government has noted that oil and gas would continue to guarantee energy security for Nigeria’s massive population estimated to be about 200 million.
This information was revealed by the Chief Executive Officer, of NUPRC, Gbenga Komolafe, in Abuja at the 16th Annual International Conference of the Nigerian Association for Energy Economics, which had as its theme “Energy Evolution, Transition, and Reform: Prospects for African economies.”
Konolafe said Nigeria currently holds 33% of all African gas reserves and Nigeria’s gas reserves could last for roughly 94 years.
According to Komolafe, “Nigeria can be considered a gas-rich country, ranking first in Africa in reserves with a life index of 94 years, with a reserve base of 36.97 billion barrels of oil and 208.83 trillion cubic feet of gas, which represents 33% of all gas reserves in Africa of 620TCF.
“This demonstrates Nigeria’s strong dominance of the petrol market in all of Africa. In Africa’s sub-Saharan region, Nigeria has the capacity to guarantee a steady supply of natural gas if the requisite infrastructure and funding are in place.”
He pointed out that many energy sources have evolved over the past two centuries, moving beyond conventional sources, however, he stated that oil and gas continues to dominate today.
He claimed that the push for cleaner energy sources and the worldwide drive for decarbonization had given Africa the chance to diversify its economy and use its enormous oil and gas resources for energy security and economic growth.
The president of the Nigeria Association for Energy Economics, Prof. Yinka Omorogbe, stated that the NAEE had continued to actively contribute to the development of professional competence for the Nigerian power and oil industries.
She claimed that the conference has over the years demonstrated the association’s tenacity in upholding its goals of serving as a forum of exchange.
