Nigeria’s draft gas policy aims to attract global investment in huge sector
Nigeria’s proposed new gas policy appears to be an improvement on the 2008 government-issued gas master plan
With proven gas reserves of about 188-trillion cubic feet of gas, Nigeria undoubtedly has the largest gas reserves in Africa and the ninth-largest in the world. This explains why, though renowned for its oil production capabilities, Nigeria is typically described as a gas province with a drop of oil. The federal government of Nigeria has decided to move Nigeria from a crude oil export-based economy to an attractive, gas-based industrial economy, and so the government issued a draft national gas policy in October. The gas policy, which seeks to drive the institutional, legal, regulatory and commercial reform necessary to attract investment into the gas sector, appears to be an improvement on the 2008 government-issued gas master plan. Given that the international trade of gas has become extremely competitive, the thrust of the gas policy, which is aimed at optimising the development of gas in Nigeria, is rather timely. The gas policy mainly proposes new legislation to regulate the ga...
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