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    Bloomberg: Nigeria Needs to Raise Gas Prices to Bridge $55 Billion Gap

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Summary

Nigeria has to incentivise foreign investors to come back to the country by raising the price it pays for gas to power plants, association president says

by: Erica Mills

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Press Notes, Africa

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Bloomberg: Nigeria Needs to Raise Gas Prices to Bridge $55 Billion Gap

Nigeria has to raise its gas prices to attract an estimated $55 billion of investment needed to plug persistent local shortages, Nigerian Gas Association President Bolaji Osunsanya said.

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, who is also managing director of Oando Gas & Power Ltd., said in an interview in Lagos with Bloomberg TV Africa to be aired Friday. 

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