The Federal Government says it is developing a creative and innovative gas policy as well as regulatory frameworks to meet the aspirations of the Nigerian people and prospective investors.
The Minster of State for Petroleum Resources, Dr Ibe Kachikwu, said this at the Powering Africa Conference in Abuja on Friday.
Kachikwu, who was represented by his Special Adviser on Policy and Fiscal Matters, Dr Timothy Okon, said that the move became imperative because of the large gas reserves in the country.
He said because of the abundance of gas reserves in the country, Nigeria should be a gas-based economy and not one hinged on oil.
The minister said that Nigeria had been exposed to a favourable international gas environment marked by high prices, strong global demand and large flows of investment .
He said there were opportunities for investments in emerging markets for power and gas- based industrialisation such as in petrochemicals, methanol and fertiliser.
Kachikwu said that government had over the years developed various initiatives to encourage investment in the upstream, midstream and downstream sectors of the gas value chain.
He said that government’s vision was to extend gas penetration in the domestic market to facilitate the growth of electric power and the industrial sector.
Other reasons, he said, were to ensure the presence of Nigerian gas in the international market as well as to end gas flaring and address environmental challenges.