Stakeholders Propose Policy Alternatives to Energy Crises

Kemi Olaitan in Ibadan

Critical stakeholders in the petroleum industry have proposed policy alternatives to energy challenges facing the country.

They made the proposal at the annual lecture series organised by the International Energy Services Limited (IESL) and the University of Ibadan Centre for Petroleum Energy Economics and Law (CPEEL).

The lecture was organised in honour of a doyen of the Nigerian oil and gas industry and the Chairman of IESL, Dr. Diran Fawibe under the theme, “Shaping the Future, Building Legends.”

At the lecture are Oyo State Governor, Mr. Seyi Makinde, Chief Investment Officer, NNPC Upstream Investment Management Services (NUIMS), Mr. Bala Wunti; Vice Chancellor, University of Ibadan, Prof. Kayode Adebowale; Managing Director of IESL, Mr. Bayo Ige and Chairman of the event, Muyiwa Ajibola.

In his remarks, Fawibe stressed the importance of bridging the gap between academic research and practical applications. 

He said: “We want the university to serve as an integrator for the development of technology in the country. Research should not be for the sake of research, but we should see the results.

“The only way we can achieve this is by improving the academic environment, through collaboration with industry experts.

“By doing so, we can translate these efforts into the development of our country, as that’s the only way we can advance and keep up with other advanced nations.”

On his part, Wunti explained the importance of enhancing the skills of students, enabling them to become competent and confident professionals, emphasising that courage and informed decision-making would prepare them for success in a legendary environment.

He also noted the potential of the energy sector and proposed collaboration among academics, policymakers, and the public to harness its benefits.

Wunti advocated creation of a collaborative platform that would bring together, individuals from various sectors and industries to address the challenges being faced by the country.

Makinde, represented by his Executive Assistant on Administration, Pastor Idowu Ogedengbe, assured of leveraging power supply to unlock economic growth and empower young population in the state.

According to him, the state recognised the crucial role that energy plays in driving progress and would capitalise on the opportunities presented by the Energy Act Regulatory Commission, signed into law by the federal government recently to provide avenues for resource exploration and the establishment of thriving industries in the state.

He added that the state government would take advantage of the regulatory framework and explore the untapped potentials of various energy resources, saying by doing so, the state aimed to establish industries that will not only boost economic growth, but also create employment opportunities for the youth. 

“The state government aims to attract investments and foster a conducive business environment that encourages private sector participation in the energy sector.

Moreover, the state envisions a future where natural resources are responsibly managed, and ensuring their sustainable use for the benefit of present and future generations.

This approach will not only promote economic growth, but also safeguard the environment and address the challenges being posed by climate change”, he said.

At the lecture, Adebowale stressed the need to unlock the potential of interdisciplinary collaborations, urging stakeholders from academia, industry, and government to leverage their collective wisdom and expertise to drive national development.

Adebowale, represented by the Deputy Vice Chancellor (Academics), Prof. Aderonke Bayeroju, said: “Together, we can forge a future that is sustainable, inclusive, and abundant.

“We should also reflect collective energy, which requires innovative thinking for positive impact, leading to success and economic growth.”

Ige said what past administrations in Nigeria did to address the challenges in the petroleum industry, as a country did not work

Ige, currently Chief Executive Officer of IESL, Mr. Bayo urged Nigerians to give the policies being evolved by the administration of President Bola Tinubu to transform the sector a chance and see how it goes.

He said: “If the government can manage the fund and utilise it properly for the development of the country, everyone would be better off. The government should focus more on production of oil and gas because we have not done any major projects.

“When you have oil and gas, what you do is, you exact what you have and establish more projects to back it up. The situation we are in, in Nigeria, is that we don’t have more projects.

“So, what the government needs to do is to make sure that projects are established and if that goes ahead, the oil and gas would take our pride of place, and there will be activities to the country and these will help with exchange rate,” Ige explained.