How CBN s N250bn Gas Expansion Fund Can Rev Up LPG Consumption thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
By Emmanuel Addeh
The N250 billion gas expansion fund set aside by the Central Bank of Nigeria (CBN) to ramp up the production and consumption of of Liquefied Petroleum Gas (LPG) is capable of markedly improving the overall industry output, some industry watchers have said.
In the interim, the fund is expected to push consumption in the country to five million metric tonnes (mmt) by the end of next year and reduce the use of high carbon fuels like firewood.
The apex bank introduced the stimulus package under the National Gas Expansion Programme (NGEP) last year to attract investment in the gas value chain and spur its use in transportation as an alternative to fuel-powered cars.
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Published 30 May 2021
Industry players in the oil and gas sector have been urged to take advantage of the N250bn gas intervention fund set aside by the Central Bank of Nigeria to deepen gas consumption across the country.
Oil and gas experts and economic analysts said the target of expanding the consumption of Liquefied Petroleum Gas (cooking gas) in Nigeria would be substantially achieved with the appropriate deployment of the fund.
The use of cooking gas in Nigeria increased to one million metric tonnes in 2020 from about 400MT consumption level recorded four years ago.
Operators said the increase was on the backdrop of the removal of the subsidy on kerosene, but noted that LPG penetration was still far from the national target of five million metric tonnes set for next year.
RNS Number: 2634 A Savannah Energy Plc 28 May 2021 28 May 2021. Savannah Energy PLC, the African-focused British independent energy company sustainably.