Nigeria is endowed with abundant natural gas reserves. Over the years, pipelines and LNG have been the two major means of gas transportation and hence, the main utilisation media in the world. However, in some areas in Nigeria, reserves are found in difficult locations and in quantities that make their exploitation through these conventional ways techno-economically unfeasible. The goal of this study is to investigate with the aid of several economic indicators, risk analysis and sensitivity analysis; the different ways in which natural gas can be employed economically as an energy resource for both power generation and road transport. The analysis covers both the natural gas use as a Power generator, fuel -Compressed (CNG) or Liquefied (LNG) -and as a feedstock to produce other fuels -synthetic (GTL) Naphtha and Diesel (F-T diesel), and Liquefied Petroleum Gas (LPG). After a thorough scrutiny of the various options, the GTL-incorporated Power Generationwith 70% steam supply was found to be the most economical and environmentally friendly option for the energy generation. If properly harnessed, it could generate huge potential revenue for the government, resolve the epileptic power supply problem and create employment opportunities.