An oil and gas industry expert, Mr Wole Ogunsanya, has called for more investments in gas utilisation for petrochemicals production in Nigeria, citing data from IHS Markit that global revenues would reach $651bn by 2027.
He said this in his keynote lecture at the annual public lecture of the University of Lagos Faculty of Engineering Alumni Association titled ‘Nigerian gas potentials, existing and emerging opportunities for engineers and investors’.
Ogunsanya who is also the Chief Executive Officer of Geoplex Drillteq Limited said power and petrochemicals remained the brightest areas of investment focus in Nigeria’s Gas utilisation.
He explained at the event citing data from a 2020 report from IHS Markit that petrochemicals consumption had a market value of $476.2bn.
According to him, the industry will grow at a compounded annual growth rate of five per cent from 2020 to 2027 and revenues will hit $651.1bn.
Ogunsanya said, “Petrochemical industry development presents a good opportunity for major investors and for small and medium scale industries that will benefit sustainably for locally produced feedstock for small-scale production of chemicals and solvents like chlorinated methane, formaldehyde and acetylene.
He also called for more investments in power, stating that Nigeria’s electricity consumption per capita in 2016 was 144 kilowatt-hour per capita, compared to the world average of 3,127 kilowatt-hour per capita which presented a significant opportunity for investors.
