The Group Managing Director, GMD, of the Nigerian National Petroleum Corporation Ltd (NNPC Ltd), Mallam Mele Kyari, has said Nigeria is not under any pressure to join the ongoing global campaign to switch from fossil fuel to renewable energy sources due to its climate implications, stressing that the country will continue to focus on crude oil production.
He also said that fossil fuel is more affordable and readily available than other renewable forms of energy.
He made this known Thursday at the ongoing Sustainable Energy Conference hosted by the Energy Institute in Lagos.
Kyari, who was represented by Engr. Bala Wunti, Group General Manager, National Petroleum Investment Management Services, NAPIMS, urged stakeholders and participants at the conference to be circumspect in making case for energy transition as being championed by the developed nations.
Delivering a keynote address, he said, “Sources of energy would take larger share of meeting global energy demand than the pressure to switch to renewable energy.
”Affordability of energy is key to energy sustainability. Energy must be reliable and accessible by the people.
“Our reliance on fossil fuel which forms the bulk of national revenue generations is key to stemming the tides of energy poverty which is capable to causing national crisis.
“In terms of energy security, when demand outweighs supply, less emphasis is placed on the sources or type of energy but on availability.
“We need to be careful in exiting carbon emission than adopting climate change policies .
“We don’t need to be under pressure to exit before we get to the level of significant storage capacity. The resources we generate from sales of crude oil can then be used to develop other energy sources. We need to think about the forms of energy that is reliable and achievable.
He noted that despite the fact that the global community is moving close to achieving the net -zero goal for 2030, the challenge of global energy demand still remains much higher than supply.
“This is where the issue of energy poverty is playing up and our actions and inaction will determine energy availability.
“Demand for energy is likely to be stronger and higher in the next two years due to post Covid-19 economic recovery and activities.
“Today, everyone realise that energy is not only and essential ingredient in life, but also a driver for future growth , prosperity and economic development,” he said.
Earlier, in his presentation, Mr Mohammed Mijindadi, President, General Electric, GE Nigeria, said the Nigerian energy sector is not able to attract foreign investment due to policy inconsistency.
According to him the absence of adequate policy implementation on the part of government is a hindrance to securing the much needed foreign capital investment.
“Most policies are not entirely connected to the value chain and that alone is a big crisis.
“The lack of coordination among the policies is a bit challenging and thus threatening direct investment or investors to both power and petroleum sector.
“To this end, better coordination should be the drive else little or no development would come in.”