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Energy Transitioning: ACCI Advocates More Private Sector Investments In Clean Energy

The Abuja Chamber of Commerce and Industry is advocating more private sector investments in cleaner energy sources to enable Nigeria achieve its energy transitioning agenda.

The President of the Chamber, Dr Al-Mujtaba Abubakar said this on Tuesday at the opening session of the second World Energy Day (WAD) conference.

The conference with the theme, “Energy Security and Sustainability in Oil and Gas Sector,” was organised by the National Chamber Policy Centre (NCPC) of the ACCI.

Represented at the event by the Vice President of the Chamber, Chijioke Ekechukwu, he said this edition of World Energy Day Conference is a follow up to the first edition which drew the attention of stakeholders in the energy sector that discussed issues surrounding the global energy sector.

He said, “Energy security as we all know is the uninterrupted availability of energy sources at an affordable price which has many aspects: long-term energy security mainly deals with timely investments to supply energy in line with economic developments and environmental needs.

“Nigeria has been pursuing energy transition in order to promote economic growth and is gradually investing in renewable energies; primarily solar, in order to reduce carbon emissions whilst continuing to exploit hydrocarbon resources, especially natural gas, the energy transition fuel for Nigeria.

“Energy transition will continue to impact the ability of Nigeria and oil and gas companies to attract capital as banks and investors prioritise environmental, social and governance (“ESG”) factors and move away from funding hydrocarbon projects.”

He expressed optimism that after the conference, there would be a better understanding of business opportunities within the energy sector; better appreciation of government’s efforts to develop the sector; improved private sector investment in clean energy; and new insights on national policy on energy transition.

He also expressed optimism that security in the oil and gas sector would help Nigeria meets its OPEC daily oil output as well as meeting the energy of the country.

The Minister of State for Petroleum Resources, Timipre Sylva who also spoke at the event said that energy is central to the development of the Nigerian economy.

According to him, Nigeria’s quest for energy transitioning is anchored on availability of the product, affordability, security and sustainability.

He said that Nigeria has adopted gas as its energy transition fuel adding that massive investments is currently being made in that sector by the government.

The Minister added further that through affordability, the government would be able to increase the level of energy consumed by Nigerians.

Nigeria is pursuing energy transition in order to promote economic growth and is gradually investing in gas so as to reduce carbon emissions whilst continuing to exploit hydrocarbon resources.

Currently, natural gas is the energy transition fuel for Nigeria and the government is seeking investments to be able to deliver this energy in the most sustainable.

Africa has natural gas reserves of over 620 trillion cubic feet as of 2021, as most countries including Nigeria have chosen gas as a transition fuel.

Nigeria has the largest natural gas deposit in the continent with over 200 trillion cubic feet.

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