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Tag: Cooking Gas

  • FG announces measures to reduce cost of cooking gas

    FG announces measures to reduce cost of cooking gas

    The federal government has announced measures to reduce the cost of cooking gas through the Nigeria Customs Service (NCS) by a zero import duty on machinery, equipment, and spare parts for gas utilisation in the country.

    The announcement was made in a statement issued by NCS Spokesman Abdullahi Maiwada on Wednesday in Abuja.

    The initiative is part of the Presidential Gas for Growth Initiative, which aims to foster the development of the nation’s gas sector. The Presidential Gas for Growth Initiative was conceived to leverage Nigeria’s vast natural gas resources to boost economic growth, create jobs, and reduce energy poverty.

    Maiwada explained that this move aligned with President Bola Tinubu’s commitment to enhancing Nigeria’s investment climate and increasing domestic gas utilisation.

    “Pursuant to Part 1, Section 5 of the Customs and Excise Tariff Act, machinery, equipment, and spare parts imported for Nigerian gas utilisation are now subject to a zero per cent import duty rate.

    “The exemption applies to all equipment related to Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) imported into Nigeria.

    “In addition, several items have been zero-rated for Value Added Tax (VAT), including feed gas for all processed gas, CNG, imported LPG, CNG equipment components, conversion and installation services, LPG equipment components, and all infrastructure related to CNG, LPG, and the Presidential CNG Initiative.”

    However, Maiwada stated that importers seeking to benefit from these incentives must obtain an Import Duty Exemption Certificate (IDEC) from the Federal Ministry of Finance and a letter of support from the Office of the Special Adviser to the President on Energy.

    He also announced the exemption of import duty and VAT on LPG imported into Nigeria under specific Harmonised System (HS) codes, including HS Codes 2711.12.00.00, 2711.13.00.00, and 2711.19.00.00.

    According to him, this exemption is expected to reduce the cost of importing LPG, making it more affordable for businesses and consumers.

    Maiwada further stated that all Debit Notes issued to petroleum marketers who imported LPG using these codes from August 26, 2019, to the present would be withdrawn by the NCS, in line with previous approvals.

    He emphasised that these measures were designed to reduce the cost of living, strengthen energy security, and accelerate Nigeria’s transition to cleaner energy sources.

    “The NCS, under the leadership of the Comptroller-General of Customs, Adewale Adeniyi, is committed to the effective implementation of these incentives and urges all stakeholders to ensure strict and prompt compliance,” he said.

  • Price of cooking gas increases to ₦1,500 per kg

    Price of cooking gas increases to ₦1,500 per kg

    As Nigerians struggle with soaring petrol prices, the cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has also increased, reaching ₦1,500 per kilogram.

    The Managing Director/Chief Executive Officer of NIPCO Plc, Suresh Kumar, has expressed optimism that the commencement of operations at the Dangote refinery and other domestic refineries will help reduce the price of cooking gas.

    Kumar also raised concerns about the country’s dependency on foreign supply, after disclosing that over 60 per cent of the cooking gas consumed in Nigeria is imported.

    Checks at the current market, confirm that cooking gas prices have hit ₦1,500/kg, significantly impacting consumers who rely on LPG for their daily cooking needs.

    In Abuja, the average price for refilling a 12.5kg cylinder increased by 41.6 per cent to ₦17,000, with reports showing that the same cylinder sold for ₦12,000 just three months ago in July and ₦11,735 in January 2024.

    The recent price hikes reflect a troubling trend in the market, suggesting that consumers are facing increasing financial pressure.

    A recent survey conducted by Punch showed that the price of a kilogram of cooking gas in the Lokogoma area of Abuja has surged to ₦1,400, while in the Kubwa area, the price ranged between ₦16,200 and ₦16,500.

    In contrast, some outskirts of Abuja, including Bwari, Kurudu, and Jikwoyi, still see the product sold for around ₦1,300, showcasing price discrepancies depending on location.

    Despite the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, previously promising to address the rising costs of cooking gas, the latest market survey indicates that prices have not only remained high but have escalated even further.

    Ekpo had noted his intention to collaborate with regulators and gas producers to find effective solutions for reducing costs, but the continued increase raises questions about the efficacy of these efforts.

  • Cost of cooking gas, kerosene, petrol continue to rise in Nigeria

    Cost of cooking gas, kerosene, petrol continue to rise in Nigeria

    Recent reports released by the National Bureau of Statistics (NBS) indicate that the average price of cooking gas, kerosene and petrol continue to rise across the country.

    The average price of 5kg cooking gas increased from N6,521.58 recorded in April 2024 to N7,418.45 in May 2024, according to the NBS.

    This is contained in the Bureau’s “Cooking Gas Price Watch’’ for May 2024 released on Wednesday in Abuja.

    The report said the May price represented a 13.75 per cent increase, compared to what was obtained in April 2024.

    The NBS said the average price of 5kg cooking gas increased on a year-on-year basis by 70.12 per cent from N4,360.69 recorded in May 2023 to N7,418.45 in May 2024.

    On state profile analysis, the report showed that Benue recorded the highest average price at N8,012.03, followed by Enugu at NN7,926.21, and Ondo at N7,857.53.

    It said on the other hand, Yobe recorded the lowest price at N5,842.31 followed by Jigawa and Katsina at N6,521.81, respectively.

    Analysis by zone showed that the South-East recorded the highest average retail price of 5kg cooking gas at N7,680.87 , followed by the South-West at N6,593.93.

    “The North-East recorded the lowest average retail price at N7,071.84,” the NBS said.

    Also, the NBS said the average retail price for refilling a 12.5kg cooking gas declined by 0.07 per cent on a month-on-month basis from N15,637.74 in April 2024 to N15,627.40 in May 2024.

    The report said the average retail price for 12.5kg cooking gas rose by 63.85 per cent on a year-on-year basis from N9,537.89 May 2023 to N15,627.40 in May 2024.

    State profile analysis showed that Zamfara recorded the highest average retail price of N18,369.33, followed by Bayelsa at N17,772.21 and Abia at N17,538.02.

    On the other hand, the report showed that the lowest average price was recorded in Bauchi at N13,076.43, followed by Ebonyi and Taraba at N13,788.09 and N13,860.3, respectively.

    Analysis by zone showed that the South-South recorded the highest average retail price of 12.5kg cooking gas at N16,310.02 , followed by the North-West at N15,991.13.

    The report said the North-East recorded the lowest price at N15,010.62

    For kerosene, the NBS said the average retail price of a litre of the commodity increased from N1,439.64 recorded in April 2024 to N1,450.35 in May 2024.

    The Bureau said this in its Kerosene Price Watch for May 2024, released in Abuja on Wednesday.

    It said the May price of N1,450.35 represented a 0.74 per cent increase compared to what was obtained in April 2024 at N1,439.64

    The report said the average price per litre of kerosene increased on a year-on-year basis by 20.26 per cent from N1,206.05 recorded in May 2023 to N1,450.35 in May 2024.

    On state profile analysis, the report showed that Benue recorded the highest average price of N1,790.92, followed by Kaduna at N1,769.65 and Cross River at N1,722.94.

    “On the other hand, the lowest price was recorded in Katsina at N1,230.81, followed by Kwara at N1,260.07 and Jigawa at N1,263.91.”

    The NBS said the analysis further showed that the North-Central recorded the highest average retail price per litre of Kerosene at N1,534.12, followed by the South-West at N1,488.97.

    It said the North-East recorded the lowest average retail price per litre of kerosene at N1,408.41.

    The report said the average retail price per gallon of Kerosene paid by consumers in May 2024, was N5,196.69, indicating a 0.43 per cent increase from the N5,174.23 in April 2024.

    “On a year-on-year basis, the average price per gallon of kerosene increased by 23.49 per cent from N4,208.27 recorded in May 2023.

    On state profile analysis, it showed that Kano recorded the highest average retail price at N6,900.28, followed by Adamawa at N6,295.63 and Yobe at N6,140.17.

    On the other hand, the report said Kwara recorded the lowest price at N4,235.42, followed by Delta and Akwa Ibom at N4,320.39 and N4,362.81, respectively.

    Analysis by zone showed that the North-East recorded the highest average price per gallon of Kerosene at N5,951.06, followed by the North- West at N5,560.03.

    “The North-Central recorded the lowest average price per gallon of kerosene at N4,659.73 ,” the NBS said.

    Similarly for petrol, the NBS disclosed that the average retail price of a litre of the commodity increased from N238.11 in May 2023 to N769.62 in May 2024.

    It made the declaration in its Petrol Price Watch for May 2024 released in Abuja on Wednesday.

    It stated that the May 2024 price of N769.62 represented a 223.21 per cent increase over the price of N238.11 recorded in May 2023.

    “Comparing the average price value with the previous month of April, the average retail price increased by 9.75 per cent from N701.24.

    “On state profiles analysis, Jigawa paid the highest average retail price of N937.50 per litre, followed by Ondo and Benue at N882.67 and N882.22, respectively.

    “Conversely, Lagos, Niger and Kwara paid the lowest average retail price at N636.80, N642.16 and N645.15, respectively,’’ it stated.

    Analysis by zones showed that the North-West Zone recorded the highest average retail price in May 2024 at N845.26, while the North-Central recorded the lowest price of N695.04 per litre.

    The NBS also stated in its Diesel Price Watch Report for May 2024 that the average retail price was N1,403.96 per litre.

    It said that the May 2024 price of N1,403.96 per litre amounted to a 66.29 per cent increase over the N844.28 per litre paid in May 2023

    “On a month-on-month basis, the price increased by 0.78 per cent from the N1,415.06 per litre recorded in April 2024,’’ it added.

    On state profile analysis, the report said the highest average price of diesel in May 2024 was recorded in Adamawa at N1709.00 per litre, followed by Sokoto at N1675.00 and Bauchi at N1657.92.

    On the other hand, the lowest price was recorded in Niger at N1,140.20 per litre, followed by Kano at N1153.33 and Oyo at N1236.92.

    In addition, the analysis by zones showed that the North-East Zone had the highest price of N1,605.91 per litre, while the South-West recorded the lowest price at N1,303.60 per litre.

  • Why price of cooking gas crashed – FG

    Why price of cooking gas crashed – FG

    The recent crash in the price of  Liquefied Petroleum Gas, (LNG) popularly called cooking gas has been linked to the Federal Government’s ban on its export.

    Report of the crash in price of LNG from about N1,500 per kilogram to around N900/kg surfaced recently.

    Cooking gas dealers under the aegis of the Nigerian Association of Liquefied Petroleum Gas Marketers disclosed this during a courtesy visit on the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, in Abuja.

    There were reports  that the Federal Government banned the exportation of LPG in a bid to increase its volume domestically to warrant a crash in price.

    It report stated at the time that LPG producers in Nigeria and key stakeholders in the industry had been told to stop exporting the commodity out of Nigeria, following the jump in the cost of cooking gas.

    Addressing pressmen on Wednesday in Abuja, the National President, NALPGAM, Oladapo Olatunbosun, commended Ekpo for the courage in ordering the domestication of all LPG produced within the country, stressing that the policy resulted in the reduction and stabilisation of the product’s price in the domestic market.

    Olatunbosun, in a statement issued by the minister’s media aide, Louis Ibah, recalled that during a stakeholders consultative forum in Abuja in February this year,  the association had drawn the minister’s attention to the fact that some international oil companies  operating in Nigeria had been exporting huge volumes of gas.

    He had pointed out that if these volumes were to be available for the domestic market, there would be no need to import LPG at exorbitant rates as the product would be available and there would be price stability in the local market.

  • President Tinubu told to Intervene, reduce cooking gas price

    President Tinubu told to Intervene, reduce cooking gas price

    A chieftain of the All Progressive Congress (APC) in Osun State, Olatunbosun Oyintiloye has appealed to President Tinubu to urgently intervene in the high cost of Liquefied Petroleum Gas, LPG, popularly known as cooking gas in the country.

    Oyintiloye made the appeal while speaking with journalists on Sunday in Osogbo.

    According to the staunch APC supporter, the cost of the cooking gas was becoming unbearable for the masses.

    The APC chieftain said although the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, on February 22, announced that the federal government had asked LPG producers to stop exporting the commodity added that the decision had not yielded any positive results in the reduction in price of the item locally.

    He suspected that the rising prices of the item might be as a result of LPG producers secretly exporting the products.

    “It is alarming that the cost of refiling a 12.5kg of cylinder in many part of the country now ranges between N17,500 and N18,000.

    “As a result of this exorbitant prices, many LPG users who could not afford the price were gradually shifting to solid fuel like charcoal and firewood.

    “The shift to the use of charcoal and firewood by the masses could aggravate climate change challenges and its adverse effects such as deforestation, desertification and soil degradation that could lead to erosion.

    “The use of solid fuel can also lead to air pollution with carbon monoxide emitted from solid fuel, which is harmful to human beings because it binds to hemoglobin in the blood, reducing the ability of blood to carry oxygen to the body’s organs.

    “This will in turn pose serious danger to the respiratory organ, fatigue, headaches, confusion, and dizziness to human system due to inadequate oxygen delivery to the brain, thereby reduces overall well-being of people.

    “Human being depend on green plants for our daily supply of oxygen, while giving back carbon dioxide to the plants.

    “In an attempt to substitute clean cooking gas for firewoods and charcoal by cutting down green trees, this will affect human survival”, he said.

    “I know Mr President has a listening ear and he will do something urgent about this matter.

    “The announcement by the petroleum minister(state) on the ban on the exportation of the product is a good one, but it has not started having any positive effects on the masses.

    “The fuel subsidy removal is biting hard on the people and electricity supply is not stable.

    “All these are impacting negatively on Nigerians and solutions should be provided without further delay.

    “All relevant and critical stakeholders must join hands with the president to tackle the challenges in the oil and gas industry,” he said.

  • UPDATED: FG moves to ban cooking gas export

    UPDATED: FG moves to ban cooking gas export

    The Federal Government says it is interacting with the critical sectors to halt exportation of Liquefied Petroleum Gas (LPG), also known as cooking gas in view of its rising cost.

    The federal government said that all LPG produced within the country would be domesticated to crash the price of cooking gas.

    The Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo disclosed this at the opening of its Internal Stakeholders’ Workshop, on Thursday in Abuja.

    The workshop which is across the gas value chain on repositioning the nation’s gas sector, has its theme as “Harnessing Nigeria’s Proven Gas Reserves for Economic Growth and Development “.

    “All LPG produced within the country will have to be domesticated and when this is done the volume will increase and of course the price will automatically crash.

    “I am in contact with the regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the producers of LPG such as Chevron, Mobile and Shell, we have meetings on daily basis.

    “There is hope that things will turn around, we do not need to make noise about it and it is based on this that we having this engagement to find out the problems and address them once and for all,” Ekpo said.

    On conversion of vehicles to Compressed Natural Gas (CNG), to cushion effect of fuel subsidy removal, Ekpo said he has been interfacing with the Presidential Initiative on CNG towards realising the goal.

    He said, “the moment I get clearer picture about it, I will address you accordingly,’’ adding that the impact on withdrawal of taxes and levies from gas related equipment would not reflect that way, because the investors are humans and would like to maximise profit, though the policy has been put in place.

    “But at the end of the day the regulators have to come in and interface with them to ensure they crash the price,’’ he said.

    According to him, the demonstration by the federal government by withdrawing all taxes and levies from importation of gas related equipment is a big incentive.

    The workshop also featured a presentation by Mrs Oluremi Komolafe, Director Gas of the ministry on highlights from the minister’s consultation with the operators in the nations’ gas sector in Feb. 6.

    Speaking on the recommendations by the operators, she said they called for balancing gas pricing while considering the impact on the average consumer is imperative for sustainable sectoral growth.

    Komolafe said the LPG retailers urged the Minister to look into the issue of soaring price of cooking gas as it had become relatively un-affordable to the common man.

    She said the retailers highlighted that the surge in price was capable of jeopardising the clean cooking initiative and made the use of charcoal attractive and cheaper alternative.

    “They also mentioned the issue of substandard gas cylinders as a great challenge and called on the Ministry to look into the issue and enact a national cylinder and accessories policy to curb it,’’ she said.

    Checks showed that cooking gas price increased to N1,400 as against N950 per kg in January, 2024.

  • FG moves to crash cost of cooking gas, exempts LPG from VAT, customs duty

    FG moves to crash cost of cooking gas, exempts LPG from VAT, customs duty

    The federal government of Nigeria has exempted imported Liquefied Petroleum Gas (LPG) and its equipment from the payment of customs duty and value-added tax (VAT).

    This was disclosed by the Ministry of Finance in a letter dated November 28, 2023 and addressed to the Special Adviser to the President on Energy.

    The letter was also addressed to the Comptroller-General of the Nigeria Customs Service (NCS) and the Chairman of the Federal Inland Revenue Service (FIRS).

    The move is expected to result in a drop in the cost of cooking gas in the country.

    The letter, according to TheCable, was signed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

    According to the ministry, the exemption aligned with President Bola Tinubu’s commitment to enhance Nigeria’s investment climate, and promote clean cooking practices.

    “In line with His Excellency, President Bola Tinubu’s commitment to improving the investment climate in Nigeria, increasing the supply of LPG to meet local demand, reducing market prices and promoting clean cooking practices, I hereby affirm Presidential directive dated July 29, 2022, with reference number PRES/88/MPR/99,” the letter reads.

    “Accordingly, the importation of LPG utilising HS Codes 2711.12.00.00, 2711.13.00.00 and 2711.19.00.00 is exempt from Import Duty and Value-Added Tax. Consequently, the Importation of LPG shall incur a 0% duty rate and 0% VAT rate, effective immediately.”

    The ministry instructed the NCS and FIRS to comply with the directive pending its official gazetting.

    Also, the ministry directed the NCS to comply with the presidential directive, dated July 29, 2022, and withdraw all debit notes issued to petroleum marketers who have imported LPG “using codes 2711.1.2.00.00 and 2711.13.00.00 from August 26, 2019, to the present date”.

    Other items exempted from VAT and duty payment are LPG cylinders, LPG cascades, gas leak detectors, steel pipes, steel valves and fittings, LPG dispensers, gas generators, LPG trucks, among others.

    The Special Adviser to the President on Energy, Olu Verheijen, said the decision was prompted after consultations with stakeholders revealed that the lack of a clear fiscal directive has hindered investments in the LPG sector.

    She spoke while informing the chairman of the Nigerian Alliance for Clean Cooking of the exemptions in a separate letter, dated November 30, 2023.

    Verheijen said the paucity of investment led to a rise in the prices of cooking gas and an uptick in the use of “unhealthy fuels such as kerosene”.

    In 2019, the federal government had removed VAT on LPG in Nigeria.

    However, reintroducing the tax in 2021, the federal government commenced implementation of the 7.5 per cent tax on imported LPG — exempting locally manufactured gas.

  • FG moves to address rising cost of cooking gas

    FG moves to address rising cost of cooking gas

    The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has waded into the challenges of constant price increment of Liquefied Petroleum Gas (LPG) in the country’s domestic market.

    The intervention on LPG (cooking gas) follows the rise in the price of LPG per kg in recent months, from about N700 to above N900 in parts of the country.

    “With the exponential increase in the price of LPG, there is the need for the Federal Government to intervene and I am that representative at this moment,” Ekpo said.

    A statement issued by Louis Ibah, minister’s Spokesperson after a stakeholders meeting, quoted the Ekpo as mandating a committee headed by Farouk Ahmed, Chief Executive Officer, Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), to find a solution within one week.

    The meeting had in attendance top officials of Chevron Nigeria Limited led by Sansay Narasimha; NMDPRA, led by its Chief Executive Officer, Farouk Ahmed and the NNPC Ltd.

    Ekpo constituted the committee and mandated them to recommend the best way to boost supplies and crash LPG prices.

    The minister said that the key challenges identified as responsible for the price increase included FX sourcing for imports and insufficient supply to the domestic market by producers.

    He expressed the concerns of President Bola Tinubu over the astronomical increase in the price of cooking gas and the attendant hardship on the majority of citizens.

    The minister noted that the increase manifested where some of the multinational firms were more concerned with gas exports without dedicating huge volumes for the domestic market.

    This, Ekpo said was unacceptable and should be discouraged since the country had abundant gas reserves.

    “We acknowledge that some producers are exporting while we are faced with the challenges of importation.

    “Public interest is the overriding interest all over the world for the government and the demand for LPG will increase as we approach December.

    “You have a public service obligation to collaborate with the government to ensure security of gas supply.

    “We need to therefore bend backwards and find solutions, to ensure that we have sufficient supply and stability in-country and that Nigerians have gas,” said Ekpo.

  • Petroleum minister, Ekpo wades into cooking gas supply, price hike challenges

    Petroleum minister, Ekpo wades into cooking gas supply, price hike challenges

    The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has waded into the challenges of constant price increment of Liquefied Petroleum Gas (LPG) in the country’s domestic market.

    The intervention on LPG (cooking gas) follows the rise in the price of LPG per kg in recent months, from about N700 to above N900 in parts of the country.

    “With the exponential increase in the price of LPG, there is the need for the Federal Government to intervene and I am that representative at this moment,” Ekpo said.

    A statement issued by Louis Ibah, minister’s Spokesperson after a stakeholders meeting, quoted the Ekpo as mandating a committee headed by Farouk Ahmed, Chief Executive Officer, Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), to find a solution within one week.

    The meeting had in attendance top officials of Chevron Nigeria Limited led by Sansay Narasimha; NMDPRA, led by its Chief Executive Officer, Farouk Ahmed and the NNPC Ltd.

    Ekpo mandated the committee to recommend the best way to boost supplies and crash LPG prices, saying that the key challenges identified as responsible for the price increase included FX sourcing for imports and insufficient supply to the domestic market by producers.

    He expressed the concerns of President Bola Tinubu over the astronomical increase in the price of cooking gas and the attendant hardship on the majority of citizens.

    The minister noted that the increase manifested where some of the multinational firms were more concerned with gas exports without dedicating huge volumes for the domestic market.

    This, Ekpo said was unacceptable and should be discouraged since the country had abundant gas reserves.

    “We acknowledge that some producers are exporting while we are faced with the challenges of importation.

    “Public interest is the overriding interest all over the world for the government and the demand for LPG will increase as we approach December.

    “You have a public service obligation to collaborate with the government to ensure security of gas supply.

    “We need to therefore bend backwards and find solutions, to ensure that we have sufficient supply and stability in-country and that Nigerians have gas,” said Ekpo.

  • Major reason for rising cost of cooking gas – NLNG

    Major reason for rising cost of cooking gas – NLNG

    The Nigeria Liquified Natural Gas, (NLNG) Ltd., says the shortage of Foreign Exchange (FX), Federal Government’s import, and Value Added Tax (VAT) are responsible for the rising cost of cooking gas in Nigeria.

    The Managing Director and Chief Executive of NLNG, Dr Philip Mshelbila, said this on the sidelines of the ongoing African Investment Forum (AIF) in Marrakesh,  Morocco on Friday.

    The News Agency of Nigeria (NAN) reports that the event has as its theme “Unlocking the Africa Value Chain”.

    Mshelbila, therefore urged the Federal Government to address those factors, which he said impact about 60 per cent of the product component.

    According to him, if this is addressed, it will go a long way to lower the prices of cooking gas for the benefit of Nigerians.

    “In terms of pricing, I cannot speak about the back end of the market. But you should understand that our supply makes only 40 per cent of supply for the local market.

    ”The remaining 60 per cent has to be imported and many of the marketers are struggling to source forex.

    ”LPG is also subject to import duty and VAT and that is one area that Federal the Government has to look at if we want to lower the price of the product,” he said.

    According to Mshelbila, the NLNG took a decision two years ago, that our butane and propane will be sold to the local market as cooking gas, and we have kept to that.

    He said: “we have struggled with propane because our local market cannot take all our production.

    ”We have just a few customers that can take our propane which includes Indorama a private company. But they could not take all our propane and so from time to time, we export some of the products.

    ”Not because we want to export, but because our local market cannot take all of our production,” he said.

    According to the NLNG boss, Nigeria needs more investments in that area so that more development and investments will take place.

    He said there was a huge investment opportunity in propane as it could be used for transportation, power generation, and cell phone tower.

    ”The product is there, but it is a question of balancing supply and demand to create opportunity for more investment inflows to come into the country.

    On takeaways from AIF, Mshelbila said:” I believe Nigeria can benefit from investments, not only from the natural gas industry, but also in the renewals and across the energy value chain.

    ”But we cannot get other benefits, if people don’t hear our story.

    ”We need people to hear our story. Investors need to make returns and that return needs to be sustainable overtime, which include having things such as corporate governance.

    “NLNG is a good demonstration of FDI in Nigeria where billions of us have been investing. But there are still opportunities for small investment across the oil and gas value chain that need to be embraced.”

    According to him, there should be a system approach, ww need to look at the whole system to make policies that drive investments,” he said.