The Managing Director of the of the Nigerian LNG Limited, Mr. Tony Attah, has said investments in Liquefied Natural Gas are declining. He disclosed this at the Nigeria Oil and Gas Strategic Conference and International Exhibition in Abuja, the Federal Capital Territory.
In his words: “It is time for gas. We need deliberate decisions and policies to decouple oil from gas and attract investment. We need to do that now. Investments in the gas and the LNG industry are declining.
“It is already difficult as things stand; to find foreign direct investment and growth in the gas industry has been cautious after the recent downbeat global crude oil price. In addition to this, Nigeria is ranked 167 of 189 countries in the ease of doing business index.”
Mr. Tony Attah frowned at the current moves by by the House of Representatives to amend the NLNG Fiscal Incentives, Guarantees and Assurances Act, the very Act that has aided the company’s success in recent years. He stated that any amendment will result in immediate loss of investor confidence.
He saw the challenges in the Nigerian gas industry as self-inflicted that are capable of costing us our rightful place in the global energy mix if experts’ projected increase in demand for gas becomes a reality.
The NLNG is currently doing well and recent reports shows a steady growth in the industry. Also, the company is believed to have the forth largest LNG plant in the world as well as a very buoyant asset base.
Do you agree with Mr.Attah that the House of Representatives should not amend the NLNG Fiscal Incentives, Guarantees and Assurances Act? Share your thoughts
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