Vice President Yemi Osinbajo says the passage of the Petroleum Industry Bill, as well as Nigeria’s gas initiatives, will help transform Nigeria into a gas-based industrialized nation and create a better-managed petroleum industry with more value addition for both investors and Nigerians alike.
Osinbajo stated this on Monday in his remarks at a virtual event to commemorate the 25th anniversary of Sahara (Energy) Group.
Speaking on the gas initiatives being implemented by the Buhari administration, the Vice President said, with the petroleum industry act, Nigeria has launch into the brave new world for the oil and gas industry. And This is a follow-up to the highly successful initiative of the Year 2020 as the Year of Gas.
Prof. Osinbajo added, that the main goal of the passage of the Petroleum Industry Bill and the gas initiatives is to transform Nigeria not only into a gas-based industrialized nation through enhanced accelerated gas revolution, but also to help create a better-managed petroleum industry where both the people of Nigeria and investors alike can extract value.
The Vice President, again reiterated the need for a just transition to zero-emission, as well as more advocacy to stop the defunding of gas and fossil fuel projects in developing countries.
The Vice president disclosed that while the Federal Government is building coalitions with other affected countries to urge a just transition to zero transmission, he called on indigenous energy companies to join in the urgent advocacy that is required to prevent the disaster that would result from defunding oil and gas projects.