Nigeria Requires $2 Billion Annually to Drive Power Production

The Director of the Department of Petroleum Resources, Mordecai Ladan, said on Friday that Nigeria would need about $2 billion (N3.9 trillion) annually to drive its power production.

Ladan stated this in a statement issued by the Communication Officer, Nigeria-South African Chamber of Commerce, Gbenga Akinyode, and made available to the News Agency of Nigeria in Lagos.

The director, who was represented by his Senior Technical Assistant, Abel Nsa, sent the message to a breakfast meeting organised by the chamber

He said the investment revolved around provision of gas pipelines and processing plants for the nation’s gas reserves to boost economic growth.

Ladan said Nigeria was enriched with the largest gas reserves in Africa with an estimate of 188 trillion Cubic Ft. of natural gas.

He said that despite the huge resources and government policies, the nation was still struggling to ensure domestic availability of gas, especially for the power sector.

The director cited some of the challenges bedeviling gas production such as poor infrastructure, vandalism, poor pricing and weak policy implementation.

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