Nigeria: Federal Government Performs Sod Cutting For CNG Project In A’Ibom

Nigeria’s Federal Government has performed the sod-cutting ceremony for a 10 million standard cubic feet per day (MMSCF/D) Compressed Natural Gas (CNG) Mother Station project in Akwa Ibom.

The project, owned by Nsik Oil and Gas Limited, is expected to create several jobs, bolstering the local economy.

The Minister of State for Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, represented President Bola Ahmed Tinubu at the ceremony.

Ekpo stated that the project aligns with Tinubu’s Renewed Hope Initiative, promoting cleaner and more affordable energy solutions.

The initiative aims to reduce dependence on petrol, making gas a more accessible and cost-effective alternative.

Tinubu commended Nsik Oil and Gas for its bold investment, noting that private-sector-led initiatives are crucial to Nigeria’s energy transition goals.

The Federal Government has prioritized investments in the gas sector, releasing over N222 billion into the industry, with an additional N400 billion to be injected within two months.

The President emphasized the project’s potential to drastically lower gas prices, making it a viable alternative to petrol, which has surged to N900 per liter.

“By the time this project is completed, people will no longer queue to buy fuel at high prices; they will have access to a cheaper, cleaner energy source,” he said.

Tinubu urged local investors to take charge of their economic growth, highlighting the project’s employment potential and its ability to stimulate economic growth.

“This project will transform Esit Eket into an economic destination, attracting further investments and sustainable development,” he said.

Nsik Oil and Gas Limited’s Chairman/CEO, Mr. Nsikan Johnny, expressed gratitude to the Federal Government, the Akwa Ibom State Government, and stakeholders for their support.

Johnny described the project as a bold step towards energy security and economic empowerment, aligning with President Tinubu’s vision for a sustainable and prosperous Nigeria.

Source: https://energynewsafrica.com