Nigeria is aiming to produce 10 billion standard cubic feet of gas per day (scf/d) by 2030, a goal reaffirmed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a meeting with the management of Nigeria LNG Limited (NLNG) in Abuja.
The discussion during the week focused on strategies to shape the future of Nigeria’s gas industry, including production targets, the investment climate, and ongoing reforms.
Edun highlighted recent agreements, such as a deepwater deal with TotalEnergies, as evidence of a more competitive and investor-friendly environment.
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He stated that the government, led by President Bola Tinubu, has stabilised the economy and created new opportunities in manufacturing and energy.
He emphasised that the comprehensive tax reforms would benefit from the input of key players like NLNG, helping to create a more attractive business landscape.
The minister also assured stakeholders that new digital trade systems would be rolled out to streamline oversight and eliminate inefficiencies, fostering a “transparent, technology-driven environment where investors can operate with confidence.”
NLNG’s CEO, Philip Mshelbila, provided an update on the company’s operations, reporting stronger gas supply, improved security along the Trans-Niger pipeline, and a capacity utilisation rate that has climbed above 70%.
On infrastructure, Mshelbila acknowledged progress on the Bodo-Bonny Road and advocated for extending the East-West highway under the tax credit scheme to further improve logistics.
The meeting is seen as a crucial step in Nigeria’s pursuit of its gas production targets and its overall economic development, aligning with the “Renewed Hope Agenda” of the current administration.
The government believes that by unlocking its vast gas resources, it can drive economic growth and industrialisation.
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The Nigerian government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), recently signed a production-sharing contract with a consortium led by TotalEnergies for two offshore blocks in the Niger Delta Basin.
This deal, the first under the new Petroleum Industry Act (PIA) framework, is expected to attract significant investment and contribute to the country’s long-term energy goals.
