Chairman of International Energy Services Limited and energy economist, Diran Fawibe, has called for the establishment of an independent, peer-reviewed platform to guide Nigeria’s energy policy, warning that critical decisions on subsidy removal, gas development and sector reforms are being made without sufficient policy analysis.

Speaking at a conference organised by the Nigerian Association for Energy Economics, where he was conferred with a distinguished fellowship, Fawibe proposed the creation of the Nigerian Academy of Energy Economics to provide non-partisan, evidence-based inputs into the country’s energy decision-making process.

His intervention comes at a time when the country is struggling with poorly executed policies, including the removal of fuel subsidies, the implementation of the Petroleum Industry Act (PIA) and energy transition.

Fawibe argued that despite the energy sector accounting for about 90 per cent of Nigeria’s foreign exchange (FX) earnings and roughly half of government revenue, there is no independent institutional framework dedicated to evaluating the economic implications of associated policies.

“Nigeria needs a standing, peer-recognised body of energy economists to appraise decisions involving tens of billions of dollars annually,” he said, noting that existing institutions such as the Nigerian Academy of Engineering and the Nigerian Academy of Science provide similar advisory roles in their respective fields.

He pointed to the removal of fuel subsidies at the start of the current administration as an example of a major policy shift implemented without a comprehensive ex-ante economic analysis.

According to him, the move triggered a fiscal shock with wide-ranging social and economic consequences.

The economist warned that the country was entering one of its most consequential periods of energy policy making since the 1970s, citing ongoing debates around the ‘Decade of Gas’ initiative, the operationalisation of the PIA and the mobilisation of financing for low-carbon energy systems.

“These decisions are too significant to be left solely to politicians, international oil companies and government economists,” he said, stressing the need for a credible, independent voice to bridge the gap between policy and academia.