$30bn needed to meet gas production target –Senator

The Chairman, Senate Committee on Gas Resources, Nkechi Nwaogu, has verbalized that $30bn will be required for the development of infrastructure to achieve the circadian gas engenderment target by 2015.

Nwaogu verbally expressed this at the aperture of a national conference on gas resources organised by the Senate Committee on Gas Resources, according to a report by the News Agency of Nigeria on Sunday.

She noted that the low utilisation of natural gas in Nigeria was due to insufficient engenderment and distribution infrastructure, which resulted in the flaring of about 1.4 billion cubic feet of gas circadianly.

The senator verbally expressed the legislative and the executive arms of regime were collaborating to magnetize massive investments into natural gas sector.

Nwaogu verbally expressed, “The legislature and the executive have been collaborating to ascertain total eradication of the regulatory, operational and commercial quandaries in order to magnetize more preponderant investment in the sector.

“In achieving this bold aspiration, this committee is of the view that Nigeria will require sizably voluminous investments from local and international communities in human capital, finance and technological innovation.”