Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, has asserted that Nigeria will adopt a ‘phase-down’ approach to transiting to cleaner sources of energy as against the ‘phase-out’ approach in exploitation and utilization of energy resources.
Speaking at the Africa Economic Summit yesterday in Lagos, the NUPRC boss said Nigeria was committed to achieving a low carbon footprint.
Represented by the agency’s head, national data repository, Mr. Bashir Indabawa, the NUPRC CEO said the global energy transition was a reality, adding that it was affecting investments in fossil fuel industries.
“Nigeria is fully committed to the COP 26 agreement, having pledged to achieve net-zero targets by the year 2060. However, the implementation process would have to align with our strategic national interest toward energy security and sustainability,” he said.
According to him, the Nigerian government had adopted gas as its transition fuel and was working towards gas reserves growth, optimizing gas production, increasing domestic gas utilization as well as gas flare elimination.
In his speech, the technical adviser, gas business and policy implementation to the minister of state for petroleum resources, Mr. Justice Derefaka, said the Petroleum Industry Act (PIA), recently signed into law, was critical to Nigeria’s gas development.
He pointed out that the PIA had generous fiscal provisions aimed at attracting international investors in gas exploitation and utilization sector in the country.
According to him, other policies aimed at deepening gas utilization in Nigeria include the Decade of Gas initiative, the National Gas Expansion Programme and the National Gas Flare Commercialization Programme.
In his contribution during the summit, the general manager, market, competition and rates division, Nigerian Electricity Regulatory Commission (NERC), Mr. Sharfuddeen Mahmoud, said there was chronic energy poverty in Nigeria.
According to him, the problem was being addressed through the gas to power initiative of the federal government with agreements being put in place to ensure stable supply of gas to electricity generation companies.
He informed that his commission was providing support to renewable, through the Rural Electrification Agency which provide off-grid electricity for Nigerians.
Speaking earlier, the Founder, Africa Economic Summit, Mr. Brian Reuben, said the summit was aimed at proffering solutions to the economic problems affecting Africa.
Reuben said in spite its huge potential and vast natural resources, Africa was still lagging behind in terms of human capital development. He said there was the need for African countries to increase collaboration and forge strategic partnerships that would reposition the continent for greatness.
By Chidi Ekpewerechi
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