Nigeria’s Path to Energy Independence Hinges on Maximizing Gas Reserves, Says PETAN Chairman
The Chairman of the Petroleum Technology Association of Nigeria (PETAN), Engr. Wole Ogunsanya, has emphasized that Nigeria’s path to energy independence lies in maximizing its vast gas reserves. Speaking at the 2024 Annual Strategic International Conference organized by the Association of Energy Correspondents of Nigeria (NAEC) in Lagos, Ogunsanya highlighted that by focusing on gas, Nigeria can address its energy supply shortages and boost economic growth.
Nigeria’s gas reserves, estimated at over 209 trillion cubic feet, present a significant opportunity for the country to reduce reliance on imported fuels, create jobs, and generate substantial revenue. Ogunsanya noted that the global shift towards cleaner energy sources makes gas a more viable and efficient option for Nigeria, stressing that increasing domestic gas utilization can also help strengthen the naira by improving the balance of trade.
He explained that the economic challenges facing Nigeria, particularly the weakness of the currency, are partly due to the nation’s reliance on imports. By boosting gas production and keeping more of the value chain within the country, Nigeria can reduce imports, thereby stabilizing its currency and promoting sustainable development.
Ogunsanya also called for investment in the gas sector to support the country’s infrastructure development, which is critical for long-term economic prosperity
