Gas-Driven Industrialization Will Create Millions of Jobs, Boost SME Growth – Ed Ubong
Ed Ubong, the Coordinator of Nigeria’s Decade of Gas Initiative, has emphasized the transformative potential of a gas-driven economy, highlighting how it could create millions of jobs, support the growth of small and medium-sized enterprises (SMEs), and stabilize the country’s economy. He made these remarks during his keynote address at the second panel of the NAEC Annual Strategic International Conference 2024, held at Eko Hotel, Victoria Island, Lagos.
Speaking on the theme, Actualizing the Decade of Gas: Powering Nigeria’s Energy Sufficiency, Industrialization, and Economic Prosperity, Ubong explained that Nigeria’s abundant natural gas reserves—estimated at over 206 trillion cubic feet—represent a critical asset for national and global energy security. He noted that the Decade of Gas Initiative, launched by the Federal Government in 2021, aims to harness these resources to drive economic development and energy transition, with a vision of powering the country toward energy sufficiency and industrial growth over the next decade.
“Nigeria holds the largest gas reserves in Africa and is ranked ninth in the world. These reserves provide the foundation for energy security, industrialization, and economic growth,” Ubong stated. He stressed that gas serves not only as a fuel but also as an industrial feedstock, which can enhance electricity generation, reduce energy costs, and make power supply more reliable for households, businesses, and industries.
He underscored the need for strategic investments in gas infrastructure, including pipelines and gas-fired power plants, to support industrialization. “The industrialization of Nigeria lies in creating a robust domestic gas market to sustain industries such as petrochemical, fertilizer, and manufacturing plants. By using gas as the engine for industrialization, we will attract new investments, create jobs, and move toward a diversified economy, reducing our dependence on crude oil,” Ubong noted.
Ubong also called for strengthened partnerships among government, the private sector, and the media to achieve this vision. He highlighted the importance of ongoing projects such as the OB3 pipeline, AKK pipeline, and LNG facilities, which he described as game changers for Nigeria’s energy landscape. He further stressed the need for regulatory frameworks that foster a conducive investment environment, attract new investments, and build investor confidence.
The Decade of Gas Initiative, according to Ubong, holds the potential to reshape Nigeria’s economic future by powering industrial growth, creating jobs, and boosting SMEs, while also supporting the global energy transition.
Source: NAEC
