The Federal Government’s effort to deepen Liquefied Natural Gas (LPG) penetration, popularly called cooking gas, appears to have achieved the desired result as the Federal Government has announced the establishment of a $50 million LPG Energy Fund in partnership with the Africa Export-Import Bank (AFREXIMBANK).
President Muhammed Buhuri disclosed this in Abuja yesterday during his address at the opening ceremony of the 5th edition of the Nigeria International Energy Summit (NIES) 2022 with the theme ‘‘Revitalising the Industry: Future Fuels and Energy transition’’.
The President who was represented by Temipre Sylva, Minister of State for Petroleum Resources explained that the Federal Government has equally established a 20 million Cylinder Injection Scheme where 5 to 10 million will be introduced in pilot states this year.
Buhari added that the nation has embarked on a critical pathway to ensuring that the over 200 trillion Standard Cubic Feet (TSCF) proven reserves of natural gas in Nigeria is marshalled to engender domestic economic growth and development beyond 2030.
‘‘Thus, we are driving to make natural gas our dominant primary energy source for use in the medium to long term. Thankfully, our reliable partner, the Nigeria LNG Limited is not backing out. They are fully backing this initiative all the way,” he said.