• 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