The Nigerian gas sector outlook may remain bleak if lingering challenges, especially unfavourable regulatory framework and poor monetary policies are not addressed.

Stakeholders in the sector, including President, Nigerian Gas Association (NGA), Dada Thomas, President of Nigerian Association for Energy Economics (NAEE), Prof. Wumi Iledare, Former President, Nigerian Association of Petroleum Explorationists (NAPE), Abiodun Adesanya, said that fiscal policies, especially the monetary policy of the Central Bank of Nigeria (CBN), lacked sanctity of agreement.

They added that uncertainties created by political interests in the country would continue to frustrate foreign direct investment into the sector in the face of growing gas discoveries across the world and massive projects in the US and Asia.

According to them, the situation will hinder development of the gas value chain in the country, limit gas based industrial potentials, particularly for the manufacturing and power sectors, create revenue shortfall and reduce the country’s ranking in the international market as well as limit job creation potentials.

Source: The Guardian