‘Nigeria Needs Transformational Leadership to Fix Energy Sector’

Kemi Olaitan in Ibadan

Emeritus Professor of Petroleum Economics, LSU Centre for Energy Studies, United States of America, Omowunmi Iledare, yesterday, said that Nigeria needed a transformational leader to fix right the petroleum sector.

Iledare, who is the Executive Director of Emmanuel Egbogah Foundation, spoke in Ibadan during the 2nd edition of annual lecture series of Dr. Diran Fawibe titled “Disrupting the Energy Landscape in Nigeria,” which was put together by the Centre for Petroleum Energy Economy and Law (CPEEL) and University of Ibadan.

He noted that energy is critical for sustainable prosperity, stressing that if energy is disrupted in a rapid manner the consequences could be very dire and would take a transformational mindset to make sure the country do the right thing.

Speaking as the guest speaker, he disclosed that there are three institutions that are critical to the future of oil and gas industry in the Petroleum Industry Act (PIA), which are regulation, commercial institutions and the Minister a designation for the policy institution and weakest leg in the oil and gas industry.

He lamented that the president today has only ministers of state rather than a substantive Minister of Petroleum, insisting that what made the Ministry of Petroleum very weak in proposing the type of policy that will take the oil and gas sector in the country to the next level.

“It is not the regulator or NNPC, it is the minister of petroleum that is actually the owner of the oil and gas industry in Nigeria in terms of policy then who is formulating the policy,” he said.

Iledare maintained that the essential steps to finding a best speed at disrupting the energy landscape in Nigeria rested on government because it is a policy issue, stating that government must set the transition agenda and perhaps in cooperation with regional allies.  

According to him, government must empower energy institutions with frameworks to attract investment by rewarding entrepreneurship and innovation and constraining inefficiency and waste, noting that public-private partnership is needed in finding and developing energy, sources based on comparative advantage.

He said: “Nigeria may have to look inward for the type of investment fund required for the energy mix strategy to work including petroleum and this is the essence of the new Africa Energy Bank

“There are other essential skillsets needed for an effective mixed energy strategy. This begins with having transformational leadership in the energy sector in Nigeria. Meaning transactional leadership with Esau’s syndrome must be disavowed to balance the energy landscape challenges.

“The management team must have operational control skillsets and own the capability to be an effective manager of the energy workforce.

“Energy landscape quandary calls for a rekindling of our engineering education. Energy is life, its consumption drives prosperity and sustainability.

“Nigeria must go after a robust energy mix driven purely by economics, technology, public policy, and good governance. Nigeria needs energy transition framework that balances energy security, equity, and sustainability with a transparent and accountable mindset.”

The Honouree, Dr. Fawibe, in his remarks, maintained that over the years the perception has always been that the academia and the industry must collaborate for sustainable growth of the economy, stating that the objective of the lecture is to bring the universities and industries together in terms of funding, research and assistance towards advancing growth and development of the country.

The chairman of the event, Mr. Mutiu Sunmonu, said that it is very important for policy makers, industries, professionals and academics in the country to have a full understanding about energy transition, noting that he is pleased that Nigeria is addressing energy disruption from the position of fact and science.