Nigerian Government Reiterates Commitment to Energy Self-sufficiency by 2026

The federal government of Nigeria has reiterated its commitment to achieving self-sufficiency and net exporter of energy resources by 2026.

The Group General Manager, National Petroleum Investment Services (NAPIMS), Mr Bala Wunti, made this known while speaking at the 2022 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) on Tuesday in Lagos.

Wunti spoke during a panel session on ‘Sustainable Energy Transition Strategy: The Role of Legislative Frameworks and Investment Programmes.’

He said though the government had pledged to achieve net zero carbon emission by 2060, its priority remains reducing energy poverty in the country with its abundant hydrocarbon resources.

To this end, he said the government’s target was to attain zero dependence on imported energy, both primary and secondary, as well as becoming a net exporter of secondary energy resources by 2026.

Wunti said the plan was to provide access to energy to 100 per cent of the population through the gas to power initiative which would spur industrialisation and economic growth.

He, however, maintained that this could only be achieved through effective legislative frameworks and investment programmes needed to maximise the opportunities in the oil and gas sector.

Wunti said there was need to create a platform where market investment and financing come together with regard to delivery of energy in a more sustainable manner.

He noted that unfortunately, the industry had witnessed decline in investments in recent years which had plunged the world into the global energy crisis.

According to him, available statistics from the Organisation of Petroleum Exporting Countries (OPEC) shows that the world requires $11.8 trillion to meet its energy needs.