FG to Attract $3.5bn Investments Through Gas Flare Commercialisation

• FG to Attract $3.5bn Investments Through Gas Flare Commercialisation

The Federal Government has said the ongoing gas flare commercialisation program will attract $3.5 billion worth of investments into the Nigerian economy.

The Federal Ministry of Petroleum Resources, in a reply to enquiries, explained that the nation would generate over $3 billion in investments through the Nigerian Gas Flare Commercialisation Programme.

Justice Derefaka, the Programme Manager, specifically said that “about $3.5bn worth of inward investments are coming into the country to achieve the gas flare commercialisation targets by 2020.”

He further explained that “The benefits are huge, ranging from an overall investment of around $3bn to $3.5bn; a potential annual revenue and Gross Domestic Product impact of around $1bn.”

Derefaka stated that the programme is expected to create around 300,000 direct and indirect jobs and reduce Nigeria’s Carbon IV Oxide emission by 13 million tonnes yearly.

“And assuming an average project size ranging from $10m to $40m, the NGFCP has a potential of triggering 70 to 89 projects. And over a 1.5 and two-year period, the NGFCP could generate approximately 300,000 direct and indirect jobs,” he stated.

“And once operational, projects launched under the NCFCP would reduce Nigeria’s emissions by 13 million tonnes of CO2 per year. And don’t forget, the NGFCP can become an important source of additional gas for the power sector.”