Gas Emerges as Key Catalyst for Nigeria’s Economic Recovery

President Bola Ahmed Tinubu  has restated his government’s dedication to capitalizing on the nation’s abundant gas reserves, both domestically and internationally, as a transitional energy source to stimulate the essential overhaul of the country’s economy for robust expansion.

A statement released by Ajuri Ngelale, the Presidential spokesperson, underscored the commitment to promptly eliminating any obstacles obstructing entrepreneurial advancement and industrial development for Nigeria’s diligent citizens, particularly in the Oil & Gas sector. This initiative seeks to create a conducive environment for Nigerian enterprises and global partners to flourish by tapping into the inherent wealth of natural and human resources.

This announcement follows President Tinubu’s recent meeting with the Board and Management of the Nigeria Liquefied Natural Gas (NLNG) Limited at the State House in Abuja. The President, Bola Ahmed Tinubu, noted that it is now a collective endeavor to reshape the nation’s economic trajectory in collaboration with all stakeholders.

Acknowledging the significance of natural gas, President Tinubu designated it as the gateway to Nigeria’s sustainable progress and prosperity. He pledged to form alliances with investors to secure job prospects and skill enhancement for Nigerian youth, particularly in the oil and gas sectors. This endeavor, he emphasized, is geared toward advancing the interests of regions involved in oil and gas production.

President Tinubu expressed his perspective, stating, “The focus is on expanding opportunities for Nigerians, and skill development will significantly benefit the many youths eager to be engaged and employed. Their aspirations should evolve into a more predictable and prosperous reality.”

The challenges faced by NLNG, notably in terms of security, were recognized by the President, who highlighted the pivotal roles of stakeholders, including local communities and security agencies. Their collaborative efforts are deemed essential in resolving contentious issues, thereby fostering peaceful and profitable operations in the long term.

In his response, His Royal Majesty King Edmund Daukuru of Nembe Kingdom, Chairman of the NLNG Board, emphasized that the grievances faced by non-government stakeholders are being collectively conveyed to the Government. He underscored the imperative for enhanced community participation in addressing these concerns and highlighted the importance of nurturing trust between investors and host communities, emphasizing comprehensive end-to-end inclusivity.

The NLNG Managing Director, Dr. Philip Mshelbila, and the delegation extended their felicitations to President Tinubu on his victory in the 2023 Presidential elections. They commended his proactive approach in initiating bold, far-reaching reforms aimed at rapidly transforming Nigeria’s economy. Dr. Mshelbila further highlighted NLNG’s contribution of over $1 billion to new tax revenue generation in 2022, despite operating below capacity due to regional insecurity and industry tax modifications.

The NLNG delegation, led by its Board Chairman and Managing Director, expressed their support for the government’s endeavors and displayed optimism for Nigeria’s economic trajectory.

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