Financial Framework Essential for Nigeria's Gas Potential

During a panel session at Lagos Energy Week, Mr. Oluwol Asalu, Managing Director of Zamam Offshore Services, highlighted the critical role of a robust financial framework and infrastructure investment in unlocking Nigeria's domestic gas potential.

He noted that the current challenges stem from infrastructural gaps that hinder gas expansion, emphasizing that supply reliability remains a structural issue. Asalu pointed out that Nigeria possesses 210 trillion cubic feet of gas reserves, with a young population driving consumption.

He stressed the importance of addressing the talent gap within the energy sector and the need for partnerships to enhance competitiveness among young engineers. Additionally, Asalu discussed the significance of adopting digital systems to improve transparency and operational efficiency across the value chain, asserting that financial access will increasingly depend on adherence to ESG (Environmental, Social, and Governance) standards.

Mr. Frank Umol, Managing Director of Axxela GMI, supported Asalu's views, indicating that the main constraint is the cost structure required to build midstream infrastructure.