Chairman of Seplat Petroleum Development Company, ABC Orjiako, while speaking as a panelist at the recently concluded Africa/Singapore Business Forum hosted by the International Enterprise (IE) in Singapore, noted that gas has the potential to transform African economies if harnessed properly, ThisDay reports.
Speaking on the theme, “Africa Oil and Gas: Positioning for the future”, which discussed the African oil and gas narrative from the perspective of a Nigerian Independent, Orjiako stressed that given the country’s current economic challenges, Nigeria’s economic diversification was absolutely necessary. According to him; “The good news is that Nigeria is taking the right steps in the right direction by the recent subsidy removal and the floating of the Naira. What is expected is that the right fiscal discipline to channel the associated savings to the real sector, particularly in infrastructure, manufacturing, agriculture will evolve”.
“Gas is at the center of this transformation because in Africa, the power infrastructure gap is the biggest barrier to real growth. The huge deficiency in power presents a huge investment opportunity with good headroom for returns on investment,” he added. Orjiako asserted that Seplat is committed to the inevitable transformation waiting to happen in Nigeria and the African continent regardless of the current challenges, as the company is currently delivering 30% of gas for power in the Nigerian domestic gas market and is well positioned to increase this exponentially in the coming years with the ability to deliver to both the Nigerian market and the West African sub region.