Financial Energy Review
R – L.: Manager Operations, Engr Masheni Gabriel ; MD NIPCO Plc, Suresh Kumar ; MD NIPCO Gas Limited, Nagendra Verma ; and Manager LPG , Usman Adamu at the media interactive session with Energy Editors in Lagos
As the federal government plans to remove subsidy on Premium Motor Spirit (PMS) otherwise known as Petrol, the Managing Director of NIPCO Plc, Suresh Kumar, said that increased natural gas utilisation will not only provide succour for Nigerians but will also be the best alternative to sustainable energy source to the country.
Kumar made this assertion in a joint media parley with the Managing Director of NIPCO Gas Ltd, Nagendra Verma. According to him NIPCO Gas is a wholly owned subsidiary of NIPCO Group. Kumar pointed out that gas is fast becoming the preferred energy fuel across the world .
He maintained that effective utilisation of the nation’s abundant natural gas resource can be a panacea to reducing the burden that would be associated with the eventual removal of fuel subsidy in the country.
He said that a nationwide utilization of gas should be executed through Piped Natural Gas (PNG); Compressed Natural Gas (CNG) and Auto Compressed Natural Gas. This he said will reduce importation of other fossil fuels thereby saving towards foreign exchange for the country.
Kumar said NIPCO had been at the forefront of campaign for the harnessing of the abundant gas resource to ensure healthy economic growth.
He also advocated the need for increased monetisation of indigenous natural gas in order to boost the nation’s economy and reduce unemployment therein.
“With the intentions of the federal government to do away with fuel subsidy, natural gas by CNG and Auto CNG are bound to be a preferred “fuel of choice” due to safety, environment, economic and abundant availability reasons in Nigeria.
“NIPCO feels that increased monetisation of indigenous natural gas will surely contribute heavily in betterment of economic situation and employment in Nigeria” he said.
He expressed optimism that the federal government’s declaration of 2020-2030 as a “Decade of Gas” with an aim to target gas-powered economy of Nigeria by year 2030 under the Nigeria Gas Expansion Program (NGEP) project will certainly improve the utilization of the nation’s natural gas resource and play a major role in improving her economy.
Kumar spoke on the the utilization of Liquefied Petroleum Gas,LPG,otherwise known as cooking gas in the country,saying its penetration in Nigeria is still being hampered by certain factors which falls short of the population of the country.
According to him,foreign exchange scarcity in recent times was responsible for the skyrocket cost of cooking gas in Nigeria,adding that the government should explore avenues to nip this in the bud with a view to enabling more Nigerians to consume the product.
NIPCO, the MD poured our would continue to play preeminent roles in the country’s oil and gas sector and offer suggestions on how best to leapfrog the industry among its peers in the global market.
To him : NIPCO is ever ready to align with government policies to improve the sector as the company remained resilient on enormous growth ipportunies in the Nigerian economy .
