AN EVALUATION OF THE POTENTIALS OF NATURAL GAS IN THE ECONOMIC DEVELOPMENT OF NIGERIA

ABSTRACT

This study brought to the fore, a critical evaluation of the potentials of natural gas in the economic development of Nigeria. Natural gas option was considered the best alternative energy resource to other resources for optimizing income earning, indigent capacity building and the socio-economic development of an over populated Nigeria. Data and statistical reports from the various oil companies ere collaborated with the central bank economic report to determine the income generation from the resources. Parameters for measuring economic development analysis were used, including the various applications of natural gas. There impacts were then accessed in terms of efficiency of production, effectiveness of use, human and social welfare conditions of the people. These results indicated that natural gas production and utilization have not sufficiently contributed towards the socio-economic development of Nigeria. It is therefore imperative that a comprehensive energy policy should be formulated by the government to make-up for the functional lapses in gas exploration and partner effectively with oil companies to invest in transportation and marketing. Also a firm date should be set by government to stop gas flaring in all ramifications so that the desired economic benefit of natural gas will be sufficiently felt.