Stakeholders in the oil and gas industry have called for synergy in law reforms, policy and innovation to drive growth and investment in Nigeria’s energy sector.

The call was made by speakers at this year’s Lawyers in Energy International Conference and Awards (LEICA), which was held in Lagos.Speaking on the theme, “Law, Risk and Reform: Shaping Nigeria’s Energy Sector for Sustainable Prosperity,” the keynote speaker and former Country Chair/Managing Director of Shell Petroleum Development Company of Nigeria (SPDC), Dr Osagie Okunbor, emphasised the need to create the right investment climate for the sector.

He stated that “we must ensure that we set the right framework, the right environment to ensure that we develop what we have to the utmost.” On his part, a legal expert and former Chairman of the Nigerian Bar Association Section on Business Law (NBA-SBL), Mr George Etomi, commended the federal government for taking some decisions to revamp the sector, adding that “it is grinding us, but I think everybody acknowledges that it is the right part.”

Senior lawyer and Executive Secretary of Lawyers in Energy Network, Raqeebah Oloko, harped on the need for a proper legal framework for the energy sector, adding that this would reduce investment risks and foster development in the sector.

A Partner at Bloomfield Law, Dr Ayodele Oni, warned that Nigeria must begin to place a premium on implementation of its energy laws, saying: “We have got a strong legal and regulatory framework. We just need to ensure implementation is also seamless because there are situations where people say the law is there, but implementation is a problem.

“Therefore, in reality, getting that fiscal incentive and operationalising it is difficult.” The conference brought together experts from various segments of the energy sector value chain, with a call for stakeholders to deepen their understanding of issues that shape energy security, transition, and resilience.