Time to Gear Towards Cleaner Energy in Africa—NNPC

By Adedapo Adesanya

The Nigerian National Petroleum Corporation (NNPC) has said that as global investments in energy are moving toward renewable, cleaner, cheaper and efficient energy options, African downstream petroleum sector must prepare for the paradigm shift.

This was disclosed by its Group Managing Director, Mr Mele Kyari, at the virtual Oil Trading and Logistics (OTL) Africa Petroleum Downstream Expo 2020.

He said it was time for the continent to prepare for all that lay ahead with the inroads renewable energy is making in the global energy mix.

Mr Kyari, represented by Mr Musa Lawan, Managing Director, NNPC Pipelines and Product Marketing Company, said that African downstream petroleum interests need to evolve and adapt to the changing business environment.

He said that the move to deepen gas utilisation across the country was aimed at creating an alternative source of energy for Nigerians, especially with the deregulation of Premium Motor Spirit (PMS).

Also speaking, Mr Tunji Oyebanji, Chairman, Major Oil Marketers Association of Nigeria (MOMAN), said Nigeria’s proven gas reserves currently stands at 203.16 trillion cubic feet (TCF).

He said these reserves, with a vast majority still left untapped, were equivalent to 306 times the country’s annual consumption, noting that “Nigeria’s vast reserves can feed into developing policies toward sustainable energy options for the downstream sector.”

“Energy demands in Nigeria has been on the increase in the past three decades; however, the country still lacks in providing sufficient energy to run the economy.

“Nigeria – the continent’s largest economy – has only approximately 60 per cent of its population having access to electricity.

“There is evidence that access to energy is crucial to the reduction of poverty, the promotion of a country’s economic growth and a better standard of living for current and future population of Nigeria,” he said further.

According to him, finding a sustainable way of meeting the growing energy needs is a core challenge for Nigeria, which aptly creates an appetite for investment in renewable power generation.

While commending the government for its automotive gas initiative, he said that MOMAN was ready to key into the scheme because it would affect the economy positively.

Mr Oyebanji said the scheme would create jobs, increase foreign exchange savings and help reduce carbon emissions in the country.