The Nigerian Association of Energy Economics, NAEE, has called upon the Federal Government to Prioritize the Increased Utilization of Natural Gas as a means to Alleviate the Hardships faced by Nigerians.
Emphasizing Nigeria’s abundant Gas Reserves, the Association highlights that Natural Gas is both Cleaner and more Cost-Effective than Petrol.
During the 16th Annual International Conference held in Abuja, Themed “Energy Evolution, Transition, and Reform: Prospects for African Economies,” NAEE put forth a communiqué Expressing its Beliefs and Recommendations.
They suggested that the Burden of Subsidy removal on Nigerians could be Eased by Rapidly Expanding measures to Promote the use of Natural Gas as a Substitute for Premium Motor Spirits (PMS).
The Recommended steps include Boosting the Natural Gas Expansion Programme, converting Engines to run on Compressed Natural Gas (CNG), and Establishing CNG Stations across the Country.
Furthermore, the Association stressed the Importance of Implementing Mass Transportation Programs and other Targeted Measures to Alleviate the adverse effects of PMS Subsidy removal on the affected Population.
Additionally, they called for the long-overdue Rehabilitation of existing Refineries to Promote Diversification and prevent Monopoly Power in the Energy Sector.
Given the decreased Global Funding for Hydrocarbon activities, the Conference Participants emphasized the need for Africa to Fund the Development of its non-renewable Energy Resources Internally.
They welcomed the Initiative between the Africa Petroleum Producers Organization (APPO) and the Afrexim Bank to establish the African Energy Bank, which would Provide Funds for Oil, Natural Gas, and other Energy Projects.
Addressing the Urgency of Nigeria’s chosen path for Energy Transition, NAEE highlighted the Importance of Domestic Natural Gas Consumption and its Integration into Nigeria’s Energy mix for Achieving a Carbon-Neutral Future.
Delays in this Transition could Adversely Impact Nigeria’s Economic Development.
Collaboration between the Nigerian Oil and Gas Sector and the renewable Energy Sector was seen as Crucial for the Successful Implementation of Nigeria’s Energy Transition Plan.
The participants stressed the Significance of a Functional Electricity Sector with a Sustainable, available, and affordable Electricity Supply for true Industrialization and Economic Development.
Political stability, Government Reform, and Development Programs prioritizing Economic Prosperity were also considered Vital.
The passage and ongoing Implementation of the Petroleum Industry Act were praised, and the Growth and Stability of Regulatory Bodies like the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority were deemed Essential for Nigeria’s Energy Sector Development.
To support the Development of its people, Nigeria needs to Expand the Utilization of its Substantial Natural Gas Resources.
NAEE Recommended the swift Implementation of Provisions in the Petroleum Industry Act that facilitate Natural Gas Utilization and, if necessary, Amendments to Create an Attractive Investment Climate.
NAEE applauded the Nigerian Government’s Initiatives, particularly through the Rural Electrification Agency, to Electrify Communities outside the Electricity Grid Network using off-grid Renewable Energy Sources, which would help alleviate poverty and work towards Carbon Neutrality and Net zero Goals.
The Conference was well attended by Industry Experts, Government Officials, Academia, and Leaders in the Energy Sector from Africa and Nigeria.
Various Awards were Presented during the Conference to Recognize Notable Contributions and Achievements.
