Nigeria Must Raise Gas Prices to Bridge $55bn Investment Gap - Oando

Nigeria has to raise its gas prices to attract an estimated $55 billion of investment needed to plug persistent local shortages, Nigerian Gas Association President Bolaji Osunsanya has said in an interview with Bloomberg.
A government increase of gas prices in August for power plants to $2.50 for 1,000 cubic feet from about $0.50 isn’t enough, Osunsanya, who is also managing director of Oando Gas & Power Ltd. added.

“We should incentivize people with the best reward and encourage people to come into the fold,” said Osunsanya. “The strategicness of gas is what I wish Nigeria would take more seriously.”

“We should encourage more exploitation to bring out the gas for domestic,” Osunsanya said. “A lot of it needs to come quickly because there’s an existing power side that requires a lot of gas.”