The Program Manager, Nigerian Gas Flare Commercialisation Programme (NGFCP), Mr. Justice Derefaka has revealed that Nigeria is set to rake in well over $3.5bn worth of investments in the ongoing commercialisation of gas flaring across the 178 gas flare sites in Niger Delta.
Explaining how the economy will gain more form the scheme, he averred that the appointment of Engr. Rabiu Suleiman as the new Chairman of the Ministerial Steering Committee (SteerCo) of the NGFCP, will give further drive to the target of not just ending gas flaring in Nigeria, but internalizing the economic importance of gas recovery.
According to Derefaka, “The benefits are huge, ranging from an overall investment of around $3bn to $3.5bn; a potential annual revenue and Gross Domestic Product impact of around $1bn.”
Continuing, Derefaka disclosed that the gas commercialisation programme would create about 300,000 direct and indirect jobs and reduce Nigeria’s Carbon IV Oxide emission by 13 million tonnes annually.
Giving an insight to the expected gains of the scheme to the Nigerian economy, he added that “And assuming an average project size ranging from $10m to $40m, the NGFCP has a potential of triggering 70 to 89 projects. And over a 1.5 and two-year period, the NGFCP could generate approximately 300,000 direct and indirect jobs.
“And once operational, projects launched under the NCFCP would reduce Nigeria’s emissions by 13 million tonnes of CO2 per year. And don’t forget, the NGFCP can become an important source of additional gas for the power sector.”
It was gathered that well over 700 organisations had registered on the Nigerian Gas Flare Commercialisation Programme portal to jostle for about 178 gas flare sites in the Niger Delta region.
Besides, the Department has also extended the closing date for submission of bids to the end of the month.