Business Post Contributor
By Sodeinde Temidayo David
Nigeria is set to become a gas-based industrialized country in the next 25 years with the support of the recently signed Petroleum Industry Act (PIA) and the gas initiative to commence the exploration of the energy, oil and gas sector.
This was disclosed by the Vice President of Nigeria, Mr Yemi Osinbajo, who expressed his optimism in the transformation of the country’s energy sector.
According to a communique by the Senior Special Assistant to the President on Media and Publicity, Mr Laolu Akande, Mr Osinbajo stated it on Monday during a virtual event to mark the 25th anniversary of Sahara (Energy) Group.
Mr Osinbajo stated that the main goal of the passage of PIA and the gas initiatives is to transform Nigeria not only into a gas-based industrialized nation through enhanced accelerated gas revolution, but also to help create a better-managed petroleum industry where both the people of Nigeria and investors alike can extract value.
He added that the PIA’s gas initiative will create a better-managed petroleum industry with more value addition for both investors and Nigerians alike.
He also explained that the next 25 years will be defining for the energy industry.
“Locally, we launch into the brave new world for the oil and gas industry with the Petroleum Industry Act 2021.
“And this happily converges with the launch of the Year 2020 to 2030 as the ‘Decade of Gas Development for Nigeria’. This is a follow-up to the highly successful initiative of the Year 2020 as the Year of Gas,” he said.
The Vice President again repeated the need for a just transition to zero-emission and more advocacy to stop the defunding of gas and fossil fuel projects in developing countries.
According to him, public investments in certain fossil projects have been banned, including natural gas in wealthier nations like the European Union (EU), the United Kingdom, Germany and Denmark, as well as other specific institutions.
“The World Bank and other multilateral development banks are being urged by their shareholders to do the same. The AfDB is increasingly unable to support large natural gas projects in the face of shareholder pressure from their European members.
“Barely two weeks ago, the UN Secretary-General made a strong call, that countries should end all new fossil fuel exploration and production, and shift fossil fuel subsidies into renewable energy,” he disclosed.
The Vice President’s optimistic statement showed that Nigeria has the resources need to have improved in the energy sector to help the economy.
He further disclosed that the Federal Government is partnering with affected countries and also urged indigenous energy companies such as Sahara Group to join in the urgent advocacy that is required to prevent the disaster that would result from defunding oil and gas projects.
