Nigeria must accelerate investments in gas infrastructure, electricity supply and energy security to strengthen its position in the evolving global energy landscape, Chief Executive Officer of Seplat Energy Plc, Effiong Okon, has said, warning that growing geopolitical tensions and changing investment patterns are reshaping the global energy market.

Speaking at the Society of Petroleum Engineers (SPE), Nigeria Council 49th Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos, Okon said energy security had emerged as a critical factor in determining economic competitiveness, particularly as recent developments in the Middle East continue to threaten global supply chains.

According to him, disruptions along the Strait of Hormuz have reinforced concerns about the vulnerability of the global energy system. Citing figures from Lloyd’s List Intelligence, Okon said vessel movements through the strategic shipping route fell sharply in July, while data from Kpler indicated that daily crossings had dropped from more than 20 before July 15 to single digits.

“For Nigeria and Africa, the message is direct. The world is asking who can deliver energy reliably when the system is stressed. This is Nigeria’s moment to lead by improving uptime, securing routes, delivering more products to the market and deepening gas infrastructure, inspiring confidence in our role globally,” he said.

Okon also pointed to growing electricity demand arising from artificial intelligence, cloud computing and data centres, noting that the International Energy Agency (IEA) expects electricity consumption by data centres to increase from 460 terawatt-hours (TWh) in 2024 to more than 1,000TWh by 2030.

He argued that Nigeria’s energy transition should focus on expanding energy access rather than replacing existing sources of supply.

“That is why, for Nigeria, the right frame is energy addition, not energy subtraction,” he said.

The Seplat chief maintained that natural gas would remain the foundation of Nigeria’s industrial development strategy, noting that the country’s abundant gas resources could support electricity generation, fertiliser production, petrochemicals, compressed natural gas, cooking gas and exports.

He also reiterated Seplat’s support for the Federal Government’s target of increasing crude oil production to three million barrels per day and gas production to 12 billion standard cubic feet per day by 2030.

Okon said the company recorded average production of 131,506 barrels of oil equivalent per day in 2025, restored 49 idle offshore wells, and expanded its resource base to approximately 2.49 billion barrels of oil equivalent.