Gas-Driven Industrialization to Create Millions of Jobs, Boost SMEs Growth—Ubong
The Coordinator of the Decade of Gas Initiative, Ed Ubong, has emphasized the potential of a gas-driven economy to transform Nigeria’s industrial landscape, creating millions of jobs and supporting the growth of small and medium-sized enterprises (SMEs). Speaking during the second panel at the 2024 NAEC Annual Strategic International Conference, hosted by the Association of Energy Correspondents of Nigeria (NAEC) at Eko Hotel, Victoria Island, Lagos, Ubong highlighted the far-reaching benefits of embracing gas as a cornerstone of economic development.
In his keynote address on the topic, “Actualizing the Decade of Gas: Powering Nigeria’s Energy Sufficiency, Industrialization, and Economic Prosperity,” Ubong detailed the objectives of the Decade of Gas Initiative, launched in 2021 by the Federal Government of Nigeria. He emphasized that the initiative aims to utilize Nigeria’s vast natural gas reserves to fuel economic growth and energy transition over the next decade.
“With an estimated over 206 trillion cubic feet, Nigeria is regarded as the largest holder of gas reserves in Africa and 9th in the world. These reserves are not only a national asset but a global one, providing the foundation for energy security, industrialization, and economic growth,” Ubong noted.
He described gas not only as a fuel but also as a key industrial feedstock that can enhance Nigeria’s electricity generation, reduce energy costs, and improve the reliability of power supply for households, businesses, and industries. He stressed the importance of investing in gas infrastructure, including pipelines and gas-fired power plants, to establish a robust domestic gas market that could sustain industries such as petrochemical, fertilizer, and manufacturing plants.
According to Ubong, a focus on gas-driven industrialization can diversify Nigeria’s economy away from its dependence on crude oil, attract new investments, and foster job creation. He also highlighted the role of government, the private sector, and the media in achieving this vision through collaboration, innovation, and investment in gas-related projects.
“The ongoing construction of OB3, AKK, ELPs, and investments in LNG facilities and gas processing plants are game changers for Nigeria’s energy landscape,” Ubong remarked. He called for strengthened regulatory frameworks and deeper partnerships with international energy companies to create an investment-friendly environment and boost investor confidence.
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The Decade of Gas Initiative represents a concerted effort by Nigeria’s government and private sector to transform the nation’s economy, utilizing natural gas as a vehicle for energy sufficiency, industrialization, and sustainable economic growth.
Source: NAEC
