- Accuses investors of maximising profit
From Okwe Obi, Abuja
Minister of State for Petroleum Resources (gas), Ekperikpe Ekpo, has said the country had no business with energy poverty giving its 208 trillion cubic feet.
He said despite the removal of levies and taxes, investors still want to maximize profit which, according to him, would be resisted.
He stated this yesterday at an internal stakeholders’ Workshop titled: ‘Harnessing Nigeria’s Proven Gas Reserves for Economic Growth and Development,’ in Abuja.
“With over 208Tcf in proven Gas Reserves, Nigeria has no business with Energy Poverty, and it is imperative for us to rise up as a people to tackle these challenges head-on.
“As part of efforts to ensure a high level of performance and accountability within the Federal Government, President Bola Ahmed Tinubu, through the office of the Special Adviser on Policy and Coordination, has released the Presidential Priorities and Ministerial Deliverables for 2023 – 2027 to create a performance tracking mechanism for the Minister of Petroleum Resources and relevant Agencies reporting to him.
“These investors want to maximize the profits they are going to get from it. So, at the end of the day, we have to come in. We are interfacing with them to make sure that they crash the price.
“Beginning with the issue of gas, you have seen the demonstration by the federal government by withdrawing all taxes from importation of gas related liquid,” he said.
The minister also said Liquid Natural Gas produced within the country would be domesticated to increase supply and crash the price.
He said: “We are still interacting with the critical sector to ensure that there is no exportation of NLNG. All NLNG produced within the country will have to be domesticated.
“When this is done the volume will increase and of course, the price will automatically crash.
“I am in contact with the regulator. We have meetings almost on a daily basis with the producers of the gas like mobile, Chevron and Shell.
“There is that hope that things will turn around. We do not need to make noise about it.
“It is part of it we are having this engagement to know exactly what the problems are so that we can address it once and for all.”