Oando boss, others, push Nigeria agenda at WEF Davos
27 January 2025 |
3:12 am
World leaders, top executives of the 1,000 foremost global companies, leaders of international organisations and relevant non-governmental organisations gathered in Davos, Switzerland, last week, to deliberate on ways to move the planet forward at the prestigious World Economic Forum
Minister lauds Ogunlesi’s commitment to investment drive
World leaders, top executives of the 1,000 foremost global companies, leaders of international organisations and relevant non-governmental organisations gathered in Davos, Switzerland, last week, to deliberate on ways to move the planet forward at the prestigious World Economic Forum (WEF).
There, the Group Chief Executive of Oando Plc, Wale Tinubu, and others pushed the Nigeria agenda. Similarly, in a significant move to bolster the country’s economic prospects, the Chairperson of Global Infrastructure Partners and Board member, Open AI, Adebayo Ogunlesi, has committed to supporting the nation’s investment drive.
Since the founding of WEF, its objective has been consistent: to be the foremost platform to shape global, regional and industry agenda through multi-stakeholder engagement.
Themed ‘Collaboration for the Intelligent Age,’ the 2025 convening of investors, business leaders, political leaders and economists focused on driving conversations that addressed geopolitical shocks, stimulating growth to improve living standards, and fostering a just and inclusive energy transition.
The strictly-by-invitation event saw a Nigerian delegation, including government officials such as Vice President Kashim Shettima; Minister of Finance, Wale Edun; and Minister of Industry, Trade and Investment, Jumoke Oduwole; as well as CEOs such as Oando’s Tinubu, shared key insights during an interview with CNBC in Davos.
Speaking on Nigeria’s energy sector, Tinubu highlighted the immense prospects of indigenous energy companies taking over the divested assets by International Oil Companies (IOCs) in the country. He emphasised that by combining robust working capital, advanced technologies and the unique skills, capacity and local acumen of the Indigenous players, who significantly control the country’s onshore assets, the industry can unlock previously untapped potential.
As one of the first indigenous companies that successfully acquired an IOC’s onshore assets, Tinubu highlighted the importance of partnership and critical financing to not only extract value from the material reserves but also accelerate the rate of extraction.
“As a company, we have over a billion barrels of reserves, 300,000 barrels a day of oil processing capacity, and over two billion cubic feet a day of gas capacity. Effectively, the net present value of the oil we have in our facilities is well over $10 billion,” remarked Tinubu.
He stressed the critical role of governments and regulators in maximising value from the industry to address economic challenges, improve the balance of trade and attract greater foreign investment to Nigeria.
A just energy transition was a topic that echoed throughout the Forum. In addressing the ongoing conversations about decarbonisation, the Oando boss reinforced the need for a just energy transition, stating that “Africa contributes a minuscule amount to global emissions,” constituting about 20 per cent of the global population. He, however, expanded on the immediate steps Oando incorporated to reduce its carbon footprint
STILL at the WEF, Ogunlesi tasked Oduwole, with coordinating a distinguished global investment strategic group, which he would lead on biannual visits to Nigeria to engage with the President.
Oduwole commended him for his outstanding leadership at the cutting edge of global innovation and strategic investment, describing his continued commitment to Nigeria’s economic advancement as a strong signal to serious investors across the world of our reformed investment and trade policy direction.
She noted that the Global Investment Strategic Group would focus on key priority sectors that drive economic development, including infrastructure, technology, agriculture and energy, to position Nigeria as a preferred hub for international investors.
The initiative, she said, aligns with President Bola Tinubu’s Renewed Hope Agenda and underscores his commitment to fostering economic diversification and inclusive growth.
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