The Minister pointed out that natural gas prices are currently the main threat to Nigeria’s fuel supply and affordability.
Minister of State for Petroleum Timipre Sylva pointed out that natural gas pricing is currently the main threat to fuel supply and affordability in Nigeria, and revealed that the government is studying natural gas financing models to improve price increases.
"The Federal Government is using the natural gas pricing framework and the Central Bank of Nigeria (CBN) Natural Gas Development Fund to create appropriate financing models to support the offtake of natural gas, especially among disadvantaged groups," the minister put into production at the natural gas plant in Katsina on Saturday .
A 100-ton liquefied petroleum gas (LPG) plant built by Butane Energy. Mr. Sylva said that when the plant is about to be completed, several projects are being implemented to address the country's natural gas supply, accessibility and affordability.
The permanent secretary of the ministry, Sani Gwarzo, attended the event on his behalf.
The minister added that due to investment in natural gas infrastructure, small countries such as Kuwait have higher natural gas reserves per capita than Nigeria.
He urged Butane Energy to promote market penetration by deploying technology and create financial tools to incentivize the offtake of its bottled natural gas, thereby making their plant a model for LPG storage.
"There is also investment in human capital development to attract and retain flexible labor and operations in a globally acceptable and responsible manner," he said.
Isah Inuwa, chairman of Butane Energy, stated that the company's aspiration under the first phase of the investment plan is to have five factories in northern Nigeria.
"Kano will have 180 metric tons, Bauchi will have 120 metric tons; in Abuja, 180 metric tons, in Kaduna, 180 metric tons," he said.
State Governor Aminu Masari, who opened the plant, said that people’s awareness needs to be raised to make people understand that natural gas is a cheaper and cleaner energy source.
Mr. Masari called on stakeholders to devise ways to make the initial purchase price of gas cylinders and hoses reasonable.
He pledged to all investors willing to invest with the support of his government.
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