Gas-Powered Industrialization Will Generate Millions of Jobs and Propel SME Growth, Says Ubong

Ed Ubong, Coordinator of the Decade of Gas Initiative, has made a compelling case for Nigeria to adopt a gas-driven economy, emphasizing the numerous benefits it could bring to the nation.

Speaking at the NAEC Annual Strategic International Conference 2024 in Lagos, Ubong addressed the theme “Actualizing the Decade of Gas: Powering Nigeria’s Energy Sufficiency, Industrialization, and Economic Prosperity.” He noted that Nigeria is home to over 206 trillion cubic feet of gas reserves, making it the largest holder in Africa and ninth globally. These reserves are not only a national asset but also a cornerstone for energy security, industrialization, and economic growth.

Ubong highlighted that embracing natural gas could create millions of jobs, significantly boost the growth of small and medium-sized enterprises (SMEs), and help stabilize the economy. Launched in 2021 by the Federal Government, the Decade of Gas Initiative aims to harness Nigeria’s abundant natural gas resources to foster economic development and facilitate the energy transition over the next decade. This initiative is focused on achieving energy sufficiency, driving industrialization, and enhancing economic prosperity.

According to Ubong, gas is not merely a source of energy; it serves as a vital industrial feedstock that can enhance Nigeria’s electricity generation capacity, reduce energy costs, and ensure reliable electricity supplies for households and businesses alike.

“To industrialize Nigeria, we must build a robust domestic gas market,” he stated. “This is essential for sustaining key industries such as petrochemical and fertilizer plants, as well as manufacturing sectors. By leveraging gas as a catalyst for industrialization, we can attract new investments, create jobs, and diversify our economy away from an over-reliance on crude oil.”

Ubong stressed the importance of collaboration among government entities, the private sector, and the media to realize this vision. “Partnership, innovation, and investment in gas-related projects are crucial for our success,” he emphasized.

He pointed to ongoing projects, including the construction of major gas pipelines and investments in LNG facilities and gas processing plants, as transformative initiatives that will reshape Nigeria’s energy landscape.

To attract investment and build investor confidence, Ubong urged the need for stronger regulatory frameworks and deeper partnerships with international energy companies.

As Nigeria stands on the brink of a gas-driven future, the potential for economic transformation and sustainable development is immense. With the right investments and strategic partnerships, the Decade of Gas Initiative could indeed pave the way for a prosperous future for all Nigerians.