The Speaker of the House of Representatives, Mr Femi Gbajabiamila, says Nigeria’s gas sector has the potential to create millions of jobs, bring about industrialization as well as generate more revenue for the government.
Mr Gbajabiamila said, the country must do all it could to correct all anomalies in the sector.
The Speaker made the remarks at a public hearing on the ‘Inclusion of Gas Terms in Production Sharing Contracts (PSCs) organized by the Joint House Committee on Gas Resources, Petroleum Resources (upstream) and Petroleum Resources, downstream.
Mr Gbajabiamila, said Nigeria’s natural gas resources have existed almost as an afterthought both as a matter of policymaking and as a focus of investment and exploration.
He added that given the potential of natural gas for industrialization, job creation and revenue generation for the government.
The Chairman of the Joint Committee, Mr Nicholas Mutu, said the public hearing was an opportunity to offer practical suggestions for a structured bouquet of incentives that would attract investors to the sector and provide access to finance and profit-sharing.
Mr Nicholas Mutu said that Nigeria’s enormous gas reserves demand a robust public policy to drive gas development and boost the Nigerian economy, create jobs, stimulate incomes for gas value-chain resources and earn revenue for the government.
The Minister of State, Petroleum Resources, Mr. Timiphrey Sylva while stressing the importance of gas resources to national development, said the Federal Government would continue to explore all available means to realize its full benefits.