The Harvard Business School Association of Nigeria (HBSAN) has called for greater integration of Nigeria’s oil, gas and power sectors, saying fragmented policies and weak coordination are limiting the country’s ability to turn its energy resources into economic growth.
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The association said an integrated energy system would provide businesses with cheaper and more consistent power, improve investment certainty and support industrial development.
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‎Speaking at a press briefing in Lagos ahead of the association’s oil and gas event, themed “One Energy System: Integrating Oil, Gas and Power for National Transformation,” HBSAN Vice President, Niyi Omojola, said Nigeria had developed its individual energy sectors but needed to move beyond operating them in silos.
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Omojola said the conference would examine the policy, regulatory, operational, infrastructure and financing challenges that must be addressed to achieve greater integration, with a white paper to be produced for government implementation.
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He said a manufacturer currently relying on diesel had to contend with high and volatile operating costs, while greater access to domestic gas could provide a cleaner and more consistent power source.
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”If we can create clarity around the cost of power to people, whether it’s self-generated as redundancy or ultimately grid power, if there’s clarity around price and around consistency,” he said, there would be greater investment.
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Omojola said consistency in the cost of power and gas supply could create a cycle of lower costs, increased production and demand, leading to more investment, employment and economic growth.
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HBSAN Programme Committee Chairman, Dr Blessing Ayemhere, said the high cost of power is undermining industrial competitiveness, despite Nigeria’s abundant gas resources.