Dangote Industries Limited has urged the Federal Government to deploy new strategies to unlock the potential of natural gas and maximise its use to improve the nation’s economy.
The Group Executive Director, Strategy, Capital Projects and Portfolio Development, DIL, Mr Devakumar Edwin, said adding value to natural gas would strengthen the petrochemical industry and make it possible for the country to shift from exporting raw materials to value-added products supplier.
Edwin spoke during a panel session at the BussinessDay’s Energy Series 2020 Virtual Conference, according to a statement on Friday.
“In the same vein, it will boost the economy and solve the ‘hydra-headed’ problem of unemployment in Nigeria with its multiplier employment effect,” he added.
Edwin said, “The industry uses a varieties of hydrocarbon feedstock from refinery and natural gas. One of the problems facing the industry is lack of reliable feedstock supplies. Nigeria has the potential to be a major petrochemicals producer.
“With proven gas reserves, not much has been accomplished with respect to the effective exploitation and utilisation of this resource as most of the nation’s natural gas production has been liquefied for export.
According to him, Nigeria has done well in respect to the reduction of gas flaring to almost 10 per cent and exporting natural gas to generate revenue.
Edwin said, “But, our focus at Dangote is how to add value to the natural gas. After all, this Liquefied Natural Gas that is being imported by various countries is used as feedstock. They use this natural gas to generate power, fuel and as feedstock. The value-added products are thereby exported to Nigeria.
“If you look at petrochemicals, we import almost all our petrochemicals into the country. Fertiliser is also being imported into the country. So, if we focus on adding value to natural gas that we produce in the country and export the finished products, be it fertiliser or petrochemicals, our export revenue will be much larger.”
Credit: punchng.com
