Delay Of PIB Scaring Investors
The delay in passing the Petroleum Industry Bill (PIB) has slowed down investment in the oil and gas sector, an industry expert, Engr. Chichi Emenike, has observed.
She said the nation is yet to tap about 90 percent of its gas resource, stressing the need for the country to unlock its gas potentials to boost gross domestic product.
Emenike, the Head of Gas Ventures at Neconde Energy, spoke on Friday at a webinar titled; “Gas as the frontier for economic growth.”
She said Nigeria is more of a gas nation than oil, adding that the country had only scratched the surface as far as tapping its gas resource is concerned.
“We have not gone for gas as a nation. Most gas is still trapped in the ground,” she said.
According to her, gas resources provide an opportunity for Nigeria as a nation to grow its economy.
“If you put one dollar in gas, it yields three dollars in GDP,” she stated, adding that Nigeria is strategically positioned to become a hub in Africa.
She emphasized the need for massive investments in key gas infrastructure in the country to unlock the opportunities in the sector. (By Daily Trust)