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Council chairman of the Society of Petroleum Engineer (SPE) Nigeria, Mr. Saka Matemilola has disclosed that Nigeria is in need of well over $28bn to deliver the goal of producing 3million cubic feet of liquefied gas per day.
Making the revelation during a press briefing to announce the upcoming Oloibiri annual lecture in Abuja next week, SPE boss argued that “To achieve our goal of producing 3 million of barrels per day, will require $28billion and that translate to about N10 trillion depending the exchange rate.”
While arguing that the government doesn’t have the fund to achieve the goals of producing 3 million cubic feet of liquefied gas per day, Matemilola said, “We can achieve it through the private investors.”
He argued that if the government has to provide the incentives to ensure that the infrastructures were put in place to achieve the set goal and height in the gas industry development, there are chances that collapsed companies may rise upp again even with more new ones.