The Chief Executive Officer of Mezovest, Tosin Thompson, has stressed the need for the government to price gas for local demand in Naira, noting, “there is no reason why gas that is sourced locally, for local demand, should be priced in dollars.”

Thompson stated this at the Avalon Policy Dialogue on Gas, where he spoke extensively on how efficiencies in the gas sector can lead to wealth and job creation.

According to him, increased participation of small businesses in the gas distribution network could lead to cost efficiencies, adding that when more small businesses come into the ecosystem to participate in the distribution of gas, efficiencies are being created, and at the same time reduction and elimination of arbitrage are taking place, “and we will see prices come down,” he said.

He further stressed the need for the government to focus on regulation and tax collection while allowing the private sector to drive efficiencies.

Also speaking at the event, Executive Director Exploration and Production at BUA Group, Folarin Lajumoke, stressed the need for comprehensive policies that promote local gas usage, which could contribute significantly to economic growth and energy sustainability. He pointed out that the lack of infrastructure in the gas sector was a prominent concern.

“We need to build gas pipes that connect processing plants to markets across the country as that is what will make investments in this sector attractive,” he stated.

Further, Folarin admitted that the opportunities in Nigeria are vast – due to high demand, stressing that capitalising on this demand could drive economic development and energy security. Folarin decried the level of investment in the sector, stating that the government needs to make the country investment-friendly.