The Major Oil Marketers Association of Nigeria and the Independent Petroleum Marketers Association of Nigeria have said the National Gas Expansion Programme of the Federal Government will create immense opportunities.
The Chairman, MOMAN, Mr Adetunji Oyebanji, said as Liquefied Petroleum Gas was becoming more popular and looking at the country’s population and gas penetration, there was a huge gap.
According to him, this presents a huge opportunity for investors.
Oyebanji said, “Nigerians are used to generating equipment being powered by Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel). As we have an abundance of gas, it is a cheaper alternative to diesel.
“Autogas, which could be CNG or LPG, can be used to power vehicles, whether trucks, large buses or passenger vehicles. With a large population and vibrant economy, people would need to move themselves and goods around, therefore opening up more opportunities for investors.”
The National Operations Coordinator, IPMAN, Mr Mike Osatuyi said the NGEP would create enormous opportunities in job creation and entrepreneurship for the country’s teeming graduates.
According to him, the conversion of vehicles is one of such profitable ventures.
“Whether you are running on CNG or LNG, you have to convert your generator and vehicles. There will be numerous conversion locations,” he said.
He added, “As the programme is planned to be continuous, it will lead to the establishment of businesses in different locations across the country. Youths who are interested will become entrepreneurs and in turn create jobs.”
Osatuyi said the programme would enable Nigerians to have easier access to gas.
He said, “IPMAN for example has filling stations in urban, semi-urban, and rural areas. There is hardly any place in the country with no IPMAN member. We will use this to make sure gas gets to everyone.
“Gas is also cheaper than petrol. This makes it an economic alternative. There are millions of generators in Nigeria. A 12.5Kg gas cylinder will power a 7KVA generator for 27 hours. N10,000 worth of gas is enough to last the average Nigerian family for one month.”
“Gas is also cleaner and environmentally friendly, compared to petrol. Nigeria is the fifth on the list of gas flaring nations in the world and ninth largest in proven reserves, estimated at 200 trillion cubic feet. We have enough gas to last us for 60 years, making it a viable solution,” he added.
Deloitte, an international audit and consulting giant, said in a recent report that as developing economies and advanced economies began to experience slower growth, a global stagnation in oil demand would happen.
It said, “There will be a global shift away from oil from reduced energy demand and prioritisation of cheaper sources. It would be an opportunity for the Liquefied Natural Gas market.
“As natural gas is cleaner than oil, growing concern about climate change would result in the creation of a favourable context for alternative fuels. Legislations restricting emissions of pollutants would be strengthened, and carbon credit markets would consolidate.”
