Experts Advocate Stakeholders’ Commitments to Energy Security
Arthur Eriye
Experts in the energy sector have called for more commitment from government and major stakeholders across the energy value chain to drive energy security.
The call was made during the 2024 Nigerian-British Chamber of Commerce (NBCC) energy group event, with the theme, “Securing Nigeria’s Energy Future: The Way Forward,” which took place on Thursday, August 15, 2024, in Lagos.
They said that this would help in reshaping the industrial sector and create a vibrant energy future for the country.
Special Adviser, Energy, to President Bola Tinubu, Mrs Olu Verheijen, reiterated the need to find solutions to the country’s energy insecurity, particularly with Nigeria as a top 10 gas reserve holder.
She said that in evaluating the country’s performance over a decade, 76 per cent of Nigeria’s gas reserve was undeveloped.
She noted that the Tinubu administration had taken steps via the presidential directives to make the country’s energy environment more attractive for investments.
According to her, government is ready to improve regulatory certainty to make Nigeria a top three destination for investments in oil and gas.
“There have been presidential directives to clarify the role of regulators to attract investment in upstream and midstream sectors and to focus on fiscal incentives to drive energy transition to gas among others. We have issued fiscal incentives and have attracted over $500 million and have started paying our gas debts.
“The President also launched an initiative to bridge the metering gap, we have grown our grid capacity by having a commercially viable value chain and designed targeted subsidies to protect the poor,” she said.
President, NBCC, Mr Ray Atelly, noted that in a world where energy shaped the very foundation of societies, a focus on energy had taken the centre stage like never before.
Atelly stated that the event’s theme resonated deeply with the current need of Nigeria given that the country’s energy sector was characterized by a substantial gap between demand and supply.
According to him, the global shift towards sustainability underscores the urgency for Nigeria to diversify its energy sources, particularly towards renewables like solar, wind, and hydropower.
General Manager, Production, Nigerian LNG (NLNG), Mr Nnamdi Anowi, said it was essential for Nigeria to align strategies with both current realities and future aspirations in a rapidly evolving global energy landscape.
Anowi noted that the country’s journey towards energy security was faced with numerous challenges ranging from infrastructure constraints to the need for technological innovation and regulatory support.
He stated that these challenges also presented opportunities to forge stronger collaborations, adopt groundbreaking solutions, and champion policies that would fortify the energy sector.
Managing Director, Shell Nigeria Gas, Mr Raph Gbobo, noted that in energy transition, gas was the fastest growing fossil fuel with a very broad industrial application.
Gbobo said measures to drive energy security in the immediate term included enforcing discipline and transparency in the gas transportation network operation and implementing gas balancing.
