The Nigeria Liquified Petroleum Gas Association(NLPGA), is engaging key local and foreign stakeholders to engage in new investment opportunities across the gas value chain to achieve $7billion Export Value, even as government’s new fiscal policy wets investors appetite especially in the country’s midstream sub sector.
The association is providing the opportunity through its 13th International Conference and Exhibition with the theme: ‘LPG: Bridging The Energy Transition’ where key players in the gas sector will build knowledge of key unique financing, insurance Cover and other business enabling requirements of the sector.
Speaking on the upcoming conference in Lagos on Wednesday, president of the association, Felix Ekundayo, said, the NLPGA is encouraged by available data which provides that harnessing the country’s proven gas reserves for domestic utilization can also support 6.5 million full time equivalent jobs yearly and annual export value of $7 billion.
Represented by the deputy president of the association, Ladi Falola, she said, the current estimates showed that economic activities stimulated by the domestic utilisation of Nigeria’s recoverable proven gas reserves has the potential to generate a Gross Value Add, GVA,of $18.3 billion yearly to the domestic economy and $10.5 billion through direct economic value addition with Liquified Petroleum Gas(LPG), contributing $1.3 billion and its excess allied components Propane and Butane contributing a further $2 billion.
He said, through its sustained advocacy and intervention in collaboration with the Nigeria Liquified Natural Gas(NLNG), supply of LPG grew from 60,000 metric tons, MT, in 2007 to over 1.3 million MT, in 2021 representing a growth of over 1,000 per cent.
The scheme, he said, has encouraged massive investments in LPG infrastructure and created over 150,000 jobs in the sector.
“The energy transition is unfolding in Nigeria and the NLPGA as it has done for several years at our past conferences shared the huge potentials and opportunities that lay with the usage of LPG” the president said, adding that, the unification of the Naira with the new federal government’s foreign exchange policy will in the long run also help the gas industry with increased Foreign Direct Investment from investors who will be willing to exploit the opportunities available in the sector with the full confidence of being able to repatriate their profits.
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