Nigeria’s Federal House of Representatives has approved a bill to establish a gas processing and marketing regulatory board to monitor operational regulations and management of gas pipelines and supply networks, as well as formulate and implement policies of gas processing, transportation, distribution, and formulate policies to enhance the distribution and utilization of gas for domestic and industrial purposes, Footprint to Africa reported.

The bill will also regulate the prices charged for downstream gas, distribution, supply and sale of gas to importers, while granting domestic downstream licenses for gas liquefaction plants, as well as undertake supply of natural gas, together with owning and running natural gas processing and retail facilities, informed Voice of Nigeria.

Members of the House of Representatives were unanimous in  expressing optimism that gas resources has huge potential of crude oil, and  stressed the need for the amendment of the existing Act on associated gas with the view to address the challenges of gas flaring which contributes to loss of huge foreign exchange. Furthermore, lawmakers gave assurance that the agency will help to curb wastage of resources endowed in gas production, stressing that there is so much demand for utilization of gas across the world especially for power generation.