Uche Cecil Izuora
Top Government Officials and energy executives representing oil and gas and power producers would be convening in Lagos for the 42nd edition of the Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference and Exhibition to discuss critical issues around the country’s energy security need.
The conference is scheduled for November 10-14, 2024, at Eko Hotel and Suites, Victoria Island, Lagos.
This year’s theme, “Resolving the Nigerian Energy Trilemma: Energy Security, Sustainable Growth, and Affordability,” captures the essence of the critical challenges and opportunities facing Nigeria’s energy sector today.
Giving insights into the national energy conference during a media briefing and a one day workshop for media professionals, President of NAPE, Dr. Abiodun Ogunjobi, described energy security as the cornerstone of the nation’s economic stability and growth.
Ogunjobi, opines that nothing can develop a nation except a reliable and uninterrupted supply of energy which is paramount for industrial activities, economic development, and the well-being of citizens.
This he said involves not only increasing production capabilities but also diversifying energy sources to reduce dependency on any single source.
By enhancing our energy infrastructure and investing in resilient systems, we can safeguard against disruptions and ensure a steady flow of energy to meet our growing demands, the President said.
He also, mentioned sustainability growth which is about balancing the economic ambitions with environmental stewardship.
“As we strive to expand our energy production, it is crucial that we do so in a manner that minimizes environmental impact and promotes long-term ecological balance. This includes adopting cleaner technologies, improving energy efficiency, and investing in renewable energy sources. By integrating sustainability into our growth strategies, we can ensure that our development is not only robust but also responsible, preserving our natural resources for future generations.” added Ogunjobi.
In addition, the NAPE President spoke about affordability which he said is a key factor in making energy accessible to all Nigerians.
In his explanation, he said the cost of energy impacts every aspect of our lives, from household budgets to the competitiveness of our industries. Our goal is to develop strategies that lower the cost of energy production and distribution, making it more affordable for consumers and businesses alike.
This involves optimizing our supply chains, reducing inefficiencies, and leveraging technological advancements to drive down costs.
He therefore noted that resolving the Nigerian energy trilemma requires a holistic approach that integrates these three pillars energy security, sustainable growth, and affordability.
This helps said demands collaboration across all sectors, from government and industry to academia and civil society, adding “By working together, we can develop innovative solutions that address these interconnected challenges.”
Touching on challenges and opportunities in the Oil and Gas Industry, Ogunjobi, said the Nigerian oil and gas industry stands at a critical juncture, where strategic divestments and the enhancement of local content capacity can play pivotal roles in driving growth and sustainability.
This approach presents both challenges and opportunities that need to be carefully navigated to ensure the industry’s long-term success.
The industry he said is typically challenged by regulatory and policy framework.
According to him, ensuring a stable and transparent regulatory environment is crucial and warned that frequent changes in policies can deter investment and create uncertainty.
He further highlighted the fact that access to capital remains a significant barrier for local companies looking to expand their operations.
Managing the financial risks associated with divestments and ensuring that local companies can sustain operations post-divestment is essential.
Speaking on inherent opportunities, he said that leveraging divestments and enhancing local content capacity present a unique opportunity to transform Nigeria’s oil and gas industry and also focusing on sustainable practices can ensure long-term growth and environmental stewardship.
He also spoke on the need to embrace new technologies and innovations that can drive efficiency and productivity in the industry.
The conference he said provides a platform for stakeholders to explore these themes in depth, share insights, and develop actionable strategies.
“As we engage in discussions and workshops over the coming days, let us remain focused on our shared goal: to build a resilient, sustainable, and affordable energy future for Nigeria.” he advised.