Nigeria Targets $20 Billion Investment from 70 Priority Gas Projects to Boost Industrial Growth
Nigeria is positioning itself to unlock up to $20 billion in new investments through 70 priority gas projects, as the nation moves to transform its vast natural gas reserves into a driver for industrial growth, job creation, and energy security. The projects, selected from over 200 initiatives reviewed by the Decade of Gas Secretariat, are seen as crucial to achieving Nigeria’s 2030 goal of a gas-powered economy.
Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said these projects represent near-term opportunities capable of attracting significant foreign and domestic investment. Speaking in Lagos during the Gas Utilisation Unlock Validation Series, he emphasized that these initiatives could create tens of thousands of jobs while catalyzing industrial activity nationwide.
The 70 projects span six key sectors, including power generation, fertiliser, petrochemicals, industrial feedstock, compressed and liquefied petroleum gas (CNG/LPG), and gas export, with a combined potential demand of about 15 billion standard cubic feet per day (bscfd). They were carefully selected from 215 proposed projects to ensure feasibility and alignment with supply, demand, and pricing mechanisms.
As part of the Decade of Gas initiative launched in 2021, a three-week validation process is underway to test each project’s technical, commercial, and financial assumptions. Ahmed highlighted that this process will help remove bottlenecks, establish clear responsibilities, and accelerate project implementation, strengthening Nigeria’s position as a regional hub for energy supply and refining.
Despite historic under-utilisation of its gas reserves, Nigeria has been introducing regulatory reforms, market-based pricing frameworks, and new licensing regimes to encourage private-sector investments. Ahmed said the country is now aligning its gas sector with global sustainability standards, aiming to make Nigeria not only an energy-export hub but also an environmentally responsible and investment-friendly market.
source: Business day