In a resolute commitment to harness Nigeria’s abundant gas resources for the nation’s economic advancement, President Bola Ahmed Tinubu announced on Friday his administration’s comprehensive strategy to leverage the power of gas to propel the growth of Nigeria’s nascent economy.
During a meeting with the Board and Management of the Nigeria Liquefied Natural Gas (NLNG) Limited at the State House in Abuja, President Tinubu unveiled his ambitious plans to harness Nigeria’s vast gas reserves for domestic utilization, processing, and international export. This endeavor is envisioned as a transition fuel that will catalyze a profound restructuring of the nation’s economy, ushering in a phase of expansive growth during his tenure.
Highlighting the collaborative nature of this endeavor, President Tinubu emphasized the concerted efforts required to redefine the nation’s economic trajectory. He pledged to collaborate with partners to transform Nigeria’s economic future, fostering a conducive environment for both local companies and international counterparts to thrive in the oil and gas sector.
“It is now a collaborative effort in thinking and doing. We will work with all partners to redefine the future of our economy,” stated President Tinubu.
President Tinubu affirmed the pivotal role of natural gas in propelling Nigeria’s sustainable development and prosperity. He underlined the intention to establish a partnership with investors that guarantees job opportunities and skill development for Nigerian youths, thereby enhancing the overall socio-economic landscape and fostering prosperity.
“We are focused on expanding the opportunities available to Nigerians,” he added, stressing the importance of skill development to empower restless youth and pave the way for their predictable and prosperous lives.
Acknowledging the challenges faced by NLNG, particularly in terms of security, President Tinubu assured that stakeholders, including host communities and security agencies, will play pivotal roles in resolving contentious issues. He emphasized the importance of enhancing peace and profitability through collaborative and sustainable operations.
The NLNG delegation, led by NLNG Board Chairman Edmund Daukuru and Managing Director Philip Mshelbila, congratulated President Tinubu on his victory in the 2023 Presidential elections. They commended his swift and bold reforms aimed at rapidly transforming Nigeria’s economy. Mshelbila noted NLNG’s commitment to high efficiency standards in public and private sector partnerships.
Mshelbila also highlighted NLNG’s contribution of over $1 billion to new tax revenue generation in 2022, despite operational challenges stemming from regional insecurity and changing industry tax regulations. He praised President Tinubu’s recent actions to suspend impediment-inducing provisions, which have bolstered investor confidence and eased operational constraints in the industry.
President Tinubu’s pledge to leverage Nigeria’s gas resources underscores a forward-looking approach that seeks to utilize the nation’s abundant natural assets to drive economic progress and uplift the lives of its citizens.