Nigeria Ready For Huge Gas Investments, Buhari Tells Investors
President Muhammadu Buhari has maintained his stance that the country will not renege from investing heavily in gas as its transition fuel.
Buhari told investors in Paris on Thursday that the country sees gas as beneficial in terms of return and utility, a statement from the Presidency said.
The President’s renewed commitment to gas is in line with the COP26 resolution to reduce global emission by 2050.
The draft agreement by COP26 proposed “limiting global warming to 1.5 [degrees] C by 2100 requires rapid, deep and sustained reductions in global greenhouse gas emissions, including reducing global carbon dioxide emissions by 45 per cent by 2030 relative to the 2010 level and to net-zero around mid-century.”
In line with the effort to drift away from the use of fossil fuel, Nigeria is scouting for investors needed to diversify its economy and also invest heavily in its gas transition programme.
Speaking to the Chief Executive Officer of Total, Patrick Pouyanne, Buhari said Nigeria has made huge investments in gas, and will continue to create enabling opportunities for expansion.
He also said the country is looking at improving alternatives for renewable energy.
In line with agitations by mid-level emitters, Nigeria is targeting zero level emission by 2060.
Buhari said the country “remains mindful of the target of zero emission by 2060, and had already started putting in place necessary natural structures that will ensure balance and safety for citizens and the global community.”
Total’s CEO said the company had been greatly encouraged by the interest and support for investors in the country.
According to Pouyanne, the energy giant would continue to explore and pursue opportunities of mutual interest.
Pouyanne said that the Mele Kyari led Nigeria National Petroleum Corporation (NNPC) had provided a strong support base and partnership for growth.
The Total boss further assured Buhari that the investments in the gas sector will be sustained as the country looks for other renewable energy options.