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IOCs’ diversification may halt net-zero plan in Nigeria

By Kingsley Jeremiah, Abuja
01 April 2022   |   3:09 am
Minister of State for Petroleum, Timipre Sylva, and other key stakeholders in the energy space, yesterday, decried the country’s energy poverty level, insisting that divestment by International Oil Companies (IOCs) may stall net-zero plan in the country.

Minister of State for Petroleum, Timipre Sylva, and other key stakeholders in the energy space, yesterday, decried the country’s energy poverty level, insisting that divestment by International Oil Companies (IOCs) may stall net-zero plan in the country.

Stressing that Nigeria remained one of the highest in energy poverty in the world, Sylva said the risk of limited international financing could jeopardise Nigeria’s energy transition and roadmap to attaining net-zero.

Despite being a leading crude oil and gas producer, over 100 million Nigerians have no access to electricity. Over 170 million have no means of clean cooking as industries suffocate relying on power generating sets.

Coming at a time when the rest of the world is already adopting green energy to avoid the dangers of hydrogen, the experts noted that Nigeria is far from following the global plan on energy transition.

Speaking at the 2022 Oloibiri Lecture Series and Energy Forum (OLEF) themed ‘Global Energy Transition: Implications on Future Investments in the Nigerian Oil and Gas Industry’, organised by the Society of Petroleum Engineers (SPE), Sylva said: “Nigeria’s goal should be energy sufficiency to ensure energy security, and end the ravaging energy poverty in the country.

“This is required to drive our economic growth, and end the prevailing economic poverty. Nigeria needs affordable, reliable and sustainable energy resources to eradicate the prevalent energy poverty in the shortest time possible, and propel economic growth.”

The minister said countries like Nigeria, which are rich in natural resources but still energy poor, must not follow energy transition plans at the expense of affordable and reliable energy for people, cities and industries.