FG Announces Big Project to Create Jobs for Youths, Other Benefits
- Nigeria's first modular LPG extraction facility and a 20-megawatt gas-to-power project have been put into service by FG
- The minister of state for petroleum resources stated that the projects were a major turning point in the nation's gas industry
- He also emphasized the value of community cooperation and the prudent use of available resources
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Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The federal government has commissioned Nigeria’s first modular Liquefied Petroleum Gas (LPG) extraction plant and a 20-megawatt gas-to-power project.
Source: Getty Images
The projects were commissioned by the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo at the Otakikpo field in Rivers State.
In a post on his official X account, the minister said the projects were developed by Green Energy and Lekoil Joint Venture (JV), marking a significant milestone in the country’s gas sector.
The newly inaugurated projects are expected to boost Nigeria’s domestic gas utilisation, enhance energy access, and contribute to economic growth in the region.
Before the official commissioning, the JV management led the minister on a tour of key facilities, including the power plant, LPG extraction plant, Early Production Facility (EPF), and a land terminal – the first to be built by an independent company in Nigeria.
Commending the JV for its efficient execution of the projects, Ekpo highlighted the strategic use of local resources and the importance of community collaboration.
He also acknowledged the peaceful coexistence between the host communities, traditional rulers, and the operating companies, which contributed to the timely completion of the projects.
“These projects will create opportunities for a robust gas economy, provide electricity for the communities, create jobs for youths, and offer other benefits aligned with President Bola Tinubu’s Renewed Hope Agenda for the country,” Ekpo added.
The commissioning ceremony was attended by key government officials, including the Permanent Secretary of the Ministry of Petroleum Resources, Ambassador Nicholas Agbo Ella.
They were received by the JV’s leadership, comprising Prof. Anthony Adegbulugbe, Chairman of Green Energy International, and Mr. Olalekan Akinyanmi, Chief Executive Officer of Lekoil.
Source: Getty Images
The federal government also pledged to increase the pace of citizens’ access to clean cooking from an initially proposed trajectory of 22 per cent per year to 25 per cent annually.
The price of liquefied natural gas (LPG), also known as cooking gas, has once again been reduced, according to a market survey by Legit.ng.
Nigerians have also taken to social media to share the new prices at which dealers are selling cooking gas, expressing a sigh of relief.
FG generates over $500m in investments
Legit.ng reported that the Nigerian government said it made over $500 million in investments from January to October 2024 from the fiscal incentives introduced to boost the country's access to CNG, LPG and LNG.
The Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, disclosed this on Monday, October 28, 2024, during the session's opening at the ongoing Oil Trading & Logistics Africa Downstream Energy Week in Lagos.
She said the incentives included waivers on import duties and VAT on the sale and distribution of LNG, CNG, LPG, and associated equipment.
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Source: Legit.ng
