FG issues 205 firms qualification letters to attract $3.5bn, boost GDP by $1/yr through gas flaring

The federal government has issued letters of qualification to 205 firms that are interested in the Nigerian Gas Fare Commercialisation Programme (NGFCP) with a target of attracting at least $3.5bn worth of investments into the country.

The 205 firms were selected by the federal ministry of petroleum following a rigorous exercise conducted in line with established protocol, the ministry said.

Justice Derefaka, programme manager of NGFCP at the federal ministry of petroleum resources, was quoted as saying an electronic evaluation tool was also used in selecting the 205 applicants that emerged successful.

Derefaka stated that the NGFCP had the potential of generating approximately $3.5bn of inward investment, adding that the potential Gross Domestic Product impact was estimated at over $1bn per annum.

He said, “It could potentially unlock two to three liquefied natural gas trains, around 3000 megawatts of electricity generation as well as generate about 600,000 metric tonnes of liquefied petroleum gas per year, giving six million households access to clean energy through LPG.”

“The programme could also bring inflow of new infrastructure players to enable gas uptake and usage in previously unreachable regions and business development from gas companies to unlock new domestic markets for gas.”

It was gathered that over 850 interested parties registered their interests in the programme while 238 applicants submitted statements of qualification in response to the request for qualification published by the Department of Petroleum Resources (DPR).