VP Shettima Calls for Greater Gas Earnings

The Vice President, Senator Kashim Shettima, on Thursday, said Nigeria earns about $5bn from gas, but described it as too low, particularly when compared to what Egypt earns from the same commodity despite having a far lower gas reserves.

Shettima, who spoke at the 6th Valuechain Annual Lecture and Awards in Abuja, said Nigeria has over 200 trillion cubic feet of untapped gas resources and ranks 9th globally in terms of proven reserves.

He said the impact of truly exploiting the nation’s gas reserves could not be over-stated, as gas was critical to the nation’s power supply, not only accounting for 80 per cent of power generation today, but expected to be the dominant power generation source by the end of this decade.