They said that the continent requires much energy supply to bridge the gap in achieving the United Nations Sustainable Development Goals, which are targeted at eradicating poverty, improving education and promoting economic growth.
Speaking at the Nigeria Annual International Conference and Exhibition, NAICE 2023, yesterday, with the theme, “Balancing energy accessibility, affordability and sustainability: Strategic options for Africa, the Chief Executive, Nigeria Upstream Petroleum Regulatory Commission, NUPRC, Engr. Gbenga Komolafe, who was represented by Head, National Oil and Gas Excellence Centre, NUPRC, Mr. Abel Nsa, stated: “Today Africa’s energy supply is dominated by fossil fuels, oil account of 50 percent of the region supply followed by coal, natural gas and hydro electricity. “Renewable energy accounts for only five percent of the region supplied, despite the region’s vast potential for wind, solar and hydro base power generation”.
“Natural gas is our destination fuel, with a projection that gas will form a significant part of the energy mix for Nigeria by the year 2030 and beyond. Gas plays a cardinal role to lift us from the challenges that confronts us in order to drive industrial development in Nigeria as envisioned in the decade of gas programme”
He added that the commission will organise its maiden Nigerian Upstream International Investment Roadshow in the coming weeks. He said: “This will provide opportunity for new asset awardees and upstream industry players to network, exchange ideas and chart strategic pathways for innovative financing structures that will enable investment. Similarly, the Executive Secretary of Nigeria Content Development and Monitoring Board, NCDMB, Mr. Simbi Wabote, who was represented by the Director, Corporate Services, NCDMB, Mr. Patrick Oba, said that Nigeria should use what is available “to build our technological base and a very strong economy in terms of growth.”
Also, speaking, the Group Chief Executive Officer, Nigerian National Petroleum Corporation Limited, NNPCL, Mallam Mele Kyari, who was represented by the Executive Vice President (Upstream), NNPCL, Mr. Adokie Tombomieye stated: “NNPCL has identified gas as a transition fuel, therefore we must expand our gas equipment and gas infrastructure across the country to increase energy accessibility. We have about 209.5 trillion cubic feet of natural gas reserves and an upside of about 600 trillion cubic feet of natural gas.”“This resource that would have driven cleaner and affordable energy will give us a better energy vision. Other alternative energy sources such as solar and wind are faced with technological limitations. These are still not affordable and cannot meet the high demands of our industries, cities and remote environments.
NNPC Limited plans to sustain and increase our aggressive gas equipment and gas transmission projects to achieve affordable and clean energy which is the United nations sustainable development goal, SDG7.”
