FG Invests $3 Billion in Gas Commercialisation to Create 300,000 Jobs

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Gbenga Komolafe, revealed the government's plans to infuse $3 billion in capital investment into the NGFCP.

In a bid to boost activities in the oil and gas sector, the Federal Government (FG) is set to spend $3 billion on the Nigerian Gas Flare Commercialization Programme (NGFCP). This investment is expected to create jobs for 300,000 people and stimulate economic growth.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Gbenga Komolafe, revealed the government's plans to infuse $3 billion in capital investment into the NGFCP. This initiative aims to commercialize gas flares, providing clean energy to six million households through Liquefied Petroleum Gas (LPG) and eliminating 20 million tons of carbon dioxide emissions annually.

The programme is also expected to unlock 600,000 metric tons of LPG per year and generate 2.5 gigawatts of power from new and existing Independent Power Producers (IPPs). The FG is offering 12 oil blocks, including seven deep offshore blocks from last year's bid round, and six acreages on the continental shelf, four deep offshore blocks, and two onshore blocks in the Niger Delta region.

Komolafe assured stakeholders of a fair and competitive bidding process, underpinned by stringent regulations aimed at ensuring regulatory certainty, dismantling entry barriers, and fostering global competitiveness. The NEITI House Quarterly Dialogue provides a platform for constructive engagements among policymakers from Nigeria's extractive industries, promoting transparency and accountability.

This investment is a significant step towards harnessing Nigeria's gas resources, creating jobs, and driving economic growth. The FG's commitment to the NGFCP demonstrates its dedication to unlocking the potential of the oil and gas sector, promoting sustainable development, and reducing carbon emissions.

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