Former Acting Vice-Chancellor of Covenant University, Ota, Prof. Akan Williams, has stressed the need for a diversified energy strategy and critical benefits of alternative energy.

Williams, who described the nation’s dependence on oil as “economically unsustainable,” warned of the risks involved when relying on oil revenues rather than taxation for income.

In his lecture during the 16th convocation lecture of Crawford University, titled: “Petroleum crisis and need for alternative energy,” he noted that Nigeria’s dependence on oil leaves it “vulnerable to oil price fluctuations,” and called for improved energy security.

He, however, lamented the systemic inefficiencies in Nigeria’s petroleum sector, pointing to underperforming refineries and the country’s significant reliance on fuel imports.

“It is ironic that Nigeria, an oil-producing nation, imports a substantial portion of its refined petroleum products,” he stated. This, he said, had contributed to recurring fuel shortages and economic hardship.

Williams, who also addressed the deep-rooted issues of corruption and mismanagement within the Nigerian National Petroleum Company Limited (NNPCL), alongside unresolved crisis in the oil-rich Niger Delta region, described the subsidy fraud, oil theft, and environmental degradation as obstacles that had kept Nigeria’s energy potential underdeveloped, limiting economic stability and public trust.

He stressed the need for Nigeria to tap into its “vast untapped potential in renewables” to drive innovation, create jobs, and build a more resilient economy. He said: “Nigeria’s transition from petroleum to alternative energy is not just an environmental necessity, but also an economic opportunity.”