The Nigerian National Petroleum Corporation (NNPC) says funding plans for the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project are almost complete.
Maikanti Baru, NNPC group managing director, made the disclosure at the 30th edition of Gas Technology Conference in Barcelona, Spain on Tuesday.
The AKK gas pipeline is designed to enable gas connectivity between the east, west and north, which is currently inadequate.
It would also enable gas supply and utilisation to key commercial centres in the Northern corridor of Nigeria with the attendant positive spin-off on power generation and industrial growth.
Represented by Saidu Mohammed, NNPC chief operating officer, gas & power, Baru said tremendous progress had been made towards securing funding for the project during President Muhammadu Buhari’s last visit to Beijing, China.
According to a statement by Ndu Ughamadu, NNPC spokesperson, Baru said there is a viable payback structure for the facility, noting that the financial partners are willing to cooperate with the state oil firm.
“Once you have the whole nation covered with a gas grid, industries will naturally spring up along the way and litter the entire country. That is our target in the long run,” the statement quoted Baru as saying.
Speaking on the Nigeria Liquefied Natural Gas (NLNG) Train 7 project, Baru said the nation’s abundant gas reserves portend positive developments in the sector.
“We cannot consume out our gas resources in the next 50 years, even if we generate as high as 40,000mw for power,” he said.
“We are happy that in the NLNG is a credible company capable of competing in the international arena.”