NIGERIA WILL PROMOTES SEAMLESS ENERGY TRANSITION- BUHARI
President Muhammadu Buhari has assured that the Federal Government will promote seamless energy transition and that environmental, social and governance demands that as a country,we do not have to panic as “We are already building blocks and bricks that will ensure seamless energy transition as the country joins in the race for net zero carbon emission.”
Buhari, who said this on Monday in Abuja, while declaring open the 5th Nigeria International Energy Summit (NIES), told the summit that Nigeria had adopted gas as its transition fuel as the world moves towards cleaner sources of energy.
He said this informed the administration’s Decade of Gas Initiative, which aims to transform Nigeria into a gas-based industrialised nation through enhanced and accelerated gas revolution.
Buhari said: ” We will ensure further optimal exploitation and utilisation of the country’s vast natural gas resources.“Given the country’s potential of about 600 trillion cubic feet, natural gas has the enormous potential to diversify and grow Nigeria’s economy.
According to him, rising crude oil prices present a great opportunity for Nigeria, especially with the passage of the Petroleum Industry Act (PIA).
The summit has as its theme: “Revitalising the Industry: ” Future Fuels and Energy Transition.
Global crude oil prices went up to 104 U.S dollars per barrel on Monday following the ongoing hostilities between Russia and Ukraine.
Represented by Chief Timipre Sylva, Minister of State for Petroleum Resources, the President, noted that the summit had been of great value in terms of policy input for government and business development resource for the private sector.
He said: ” Crude oil prices are on the rise again after turning negative in April 2020. It is a great opportunity for us as acountry. “With the PIA in place, there should be no excuses. The enabling investment environment which has been the bane of the industry has been taken care of by provisions in the PIA.
“There is now a level of certaintyfor the regulatory, administrative and fiscal framework and the legitimate grievances of host communities most impacted by activities of the industry has been addressed by the Act.
”Buhari said to demonstrate the government’s seriousness, the administration did not waste time with the implementation of PIA.
“We moved quickly and scrapped the existing agencies and replaced themwith new ones. We have inaugurated their new Chief Executives too.
“We also ensured the incorporation of the Nigerian National Petroleum Company Limited (NNPCL) under the Companies and Allied Matters Act (CAMA).
“The NNPCL is a limited liability company now and our target is to make it the biggest, the most capitalised and the most profitable company in the whole of Africa,” he said