Nigeria houses about 2.6 per cent of the 6832 Trillion Cubic Feet (TCF) of the global gas reserve, according to the Nigerian Gas Association (NGA). NGA President Dada Thomas disclosed this at the association’s 11th International Conference and Exhibiton in Abuja with the theme ” Shift to Gas Economy, Pace and Scale of Innovation in the West African Sub-region.”
“According to the latest BP Statistical Review of World Energy Report published in June 2018, the World Gas Reserves is about 6832TCF at the end of 2017. Africa’s share of this is 488TCf (7.1%) while Nigeria’s share is about 184TCF or 38% of Africa’s reserves and 2.6% of global reserves,” he said.
He said that Africa produced only 7.8TCF or 6.1% the 129TCF produced globally in 2017, of which Nigeria produced 1.65TCF or 1.2 per cent of global and 21 per cent of African production, respectively. He noted that of the total global consumption of 128TCF, Africa and Nigeria only accounted for 5TCF (3.8%) and 0.55TCF (0.4%), respectively.
“This should be a source of concern for all of us. Wealth is created not by the resources you own but how effectively you use the resources. There is a direct correlation between power consumption and GDP,” he said. Thomas said that West Africa region with its 200 million people, forecast to grow to 410 million by 2050, must accelerate the use of gas to power its economy and nations.