Lagos Nigeria, March 10, 2017 (Naija247news) Hopes for economic and industrial growth will be dashed if laws, such as the Nigeria LNG Limited (NLNG) Fiscal Incentives, Guarantees and Assurances Act, remain, NLNG Managing Director, Mr. Tony Attah has said.
Attach spoke at a Nigeria Oil and Gas Conference session in Abuja titled Nigeria’s gas sector- The catalyst for economic and industrial growth?
“It is time for gas. We need deliberate decisions and policies to decouple oil from gas and attract investment. We need to do that now. Investments in the gas and LNG industry are declining. It is already difficult as things stand to find Foreign Direct Investment (FDI) and growth in the gas industry has been cautious after the recent down-beat global crude oil price.”
“In addition to this, Nigeria is ranked 167 of 189 countries in the ease of doing business index.”
“Yet, experts maintain that there is the strong likelihood of increased gas demand in future and that is where the silver lining is. However, if we continue with the self-inflicted barriers in our gas industry, we might miss the opportunity to make this country a major player in the global energy mix,” he said.
He said the industry has benefitted from the economy, diversified the country’s revenue and export base, as well as channeled FDI into it. It has created jobs and contributed significantly to the local manufacturing capacity in the country. But all that would be laid waste if we continued to shift policies and renege on international agreements that put some framework into the business and generated investor confidence,” he said.
We need to be creative with incentives that will attract investments and preserve the sanctity of contracts and agreements for all of this to come together in our national interest,” he said.