‘Gas Energy is Clean Energy’, Say SANs

Nigerians have been urged to use more of gas for their energy consumption, because it is actually clean energy which does not affect the climate as much as has been propagated. This was the position of the panellists at the discussion forum on Africa’s Energy Transition; Business, Regulation and Dispute Management, which took place at the Lagos Oriental hotel on Thursday 20th July, 2023.

Speaking at the discussion session, a Panelist, Engineer Abel Nsa, Head Nogec, Commission Chief Executive (Cce), Nigerian Upstream Petroleum Regulatory Commission (Nuprc), said that Nigeria as a country is blessed with abundant natural resources and we should therefore, own that which is ours.

Members of the Panel all agreed that gas is indeed, clear energy that the nation can leverage on as we enter the transition period of seeking suitable renewable energy since the country is in the decade of gas.

In his contribution, Mr Babatunde Fagbohunlu, SAN, maintained that Nigeria has what it takes to overcome whatever challenges that may come our way, as a result of seeking solutions for climate change with regard to renewable energy. He further stated that it is a well known fact, that gas which we have in abundance, is clean energy that does not damage the ozone layer and can be combined with solar to not only meet Nigeria’s energy, but the net zero emission dateline of 2060. 

Also speaking, Mr Chukwuka Ikwuazom, SAN, called on the Federal Government to grant tax incentives to investors seeking to invest in the renewable energy sector, so as to  aid the current low power supply that the nation is currently dealing with. He maintained that the present tax regime for renewable energy, is not sufficient to encourage investors to invest along the line.

There were discussion sessions on funding clean and renewable energy projects, financing clean and renewable energy, opportunities in clean and renewable energy projects, as well as climate change and energy transition; framework for managing potential regulatory disputes, managing potential commercial disputes in clean and renewable energy projects, framework for managing potential investment disputes in clean and renewable energy projects, a view from the OHADA system.

In his keynote address, Mr Gbenga Oyebode, MFR, the Founding Partner, Aluko & Oyebode, stated that while world believes that there is a lot to be done by African countries and indeed, Nigeria, as plans for the future, the truth is that the future is already here with us. He noted that the need to have renewable energy is here with us, because by 2030, 50% of cars sold in Nigeria will be electric cars, hence, the need to think fast.

President, Lagos Chamber of Commerce and Industry, Asiwaju (Dr) Michael Olawale-Cole, ably represented by Mr G. Idahosa, the Deputy Chairman of Lagos Chamber of Commerce and Industry, stated that Africans and Africa are feeling the effect of climate change, and that renewable energy has become important just as the geography of the continent. He stressed the need for African businessmen to invest in it, so as to benefit from the huge potentials of renewable energy.