NNPC Reiterates Commitment to Transforming Nigeria into a Gas-Powered Nation.
NNPC has restated its commitment to transitioning Nigeria into a gas-powered nation, leveraging the country’s abundant natural gas reserves, which exceed 209 trillion cubic feet. Mele Kyari, the Group Chief Executive Officer of NNPC, reiterated this commitment while receiving the Energy Times’ GCEO of the Year Award in Lagos.
Kyari emphasized that NNPC is actively involved in building gas infrastructure, including pipelines like the OB-3 Gas Pipeline and AKK Gas Pipeline, to promote the use of gas in the domestic market. Additionally, NNPC is involved in projects like the West Africa Gas Pipeline, Nigeria-Morocco Gas Pipeline, NLNG Train 7, and Floating LNG Projects to supply gas to the global market.
Furthermore, NNPC is expanding its presence in the power sector, with investments in Independent Power Plants (IPPs) such as Afam VI and Okpai Phases 1 and 2. Plans are underway to build three new power plants along the AKK Pipeline corridor in Abuja, Kaduna, and Kano. Kyari highlighted the groundbreaking ceremony for the 1,350MW Gwagwalada Power Plant, which took place in August the previous year.
The award received by Kyari recognized his commitment to accountability, transparency, and performance excellence, which he attributed to the entire NNPC staff. He expressed gratitude to the Energy Times editorial board for the recognition and stated that it would motivate him to work harder for the NNPC and the Nigerian oil & gas industry.
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In another development, the Lagos Commodities and Futures Exchange (LCFE) is planning to introduce crude oil and gas trading to facilitate access to financing for the industry, Nigeria’s biggest foreign-exchange earner. The LCFE aims to connect oil producers to both local and offshore markets, enhance transparency, and encourage more investments in the sector. This initiative marks the first time fossil fuel will be traded on an exchange in Africa’s largest oil producer.
LCFE, established in May 2015 and granted a full operating license by the Securities and Exchange Commission (SEC) in June 2019, has been trading in commodities like gold and agricultural products such as soya beans, paddy rice, maize, sorghum, sesame seeds, palm oil, and cassava. The addition of crude oil and gas trading is expected to further boost the exchange’s activities and contribute to the growth of Nigeria’s capital market.
