Follow Us on Google Discover- The Managing Director of Oando Gas & Power has said Nigeria has to raise its gas prices to attract an estimated $55 billion of investment needed to plug persistent local shortages.
- Bolaji Osunsanya who is also the President of Nigerian Gas Association made this comment 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 said in the interview in Lagos.
- These investments are needed to explore for more gas, set up five processing facilities at about $2 billion each and develop domestic distribution channels, he said.
- Nigeria relies on gas supply to power its power plants to ensure improved power supply.
- Bloomberg
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