Amidst a lingering global energy crisis and increased calls for the replacement of fossil fuels with renewable energy to reduce carbon emission, the Nigerian Gas Association (NGA) has called for a multidimensional approach to energy transition in Africa.
According to the National Publicity Secretary of the association, Odianosen Masade, Africa needs to be cautious and consider all the pertinent issues in transitioning from fossil fuel to cleaner, more sustainable energy sources.
Africa accounts for the smallest share of global greenhouse gas emissions, at just 3.8%, in contrast to 23% in China, 19% in the US, and 13% in the European Union. It is also the least industrialized of all the continents in the world, yet one of the most vulnerable to climate change.
Speaking during a recent interview on the Nigerian Television Authority (NTA)’s Business Express, Masade said fossil transition in developed economies has been going on for over a century whilst Africa is expected to transition over a few decades.
The oil and gas expert also hailed the recent transformation of the Nigerian National Petroleum Corporation (NNPC) into a full business entity. Experts in the energy sector have long advocated for the privatization of the public-owned behemoth to increase its efficiency and separate its regulatory, revenue generating, and oil production components.
“The idea is for the entity to become profitable. With privatization, the NNPC will be relieved of all the burdens of government control and become autonomous,” said Masade, ” The NNPC can now be listed on the Stock Exchange, secure investments and generate more revenue for the country.”
Nevertheless, the NGA scribe stressed the need for proper implementation of the new policy without jettisoning proposed changes during operations.
Masade, who is the Corporate Communications Lead, Eroton Exploration & Production Company, also analysed some of the socio-economic and political issues shaping the global energy situation. These include the Russia-Ukraine conflict, the controversial visit of US House Speaker, Nancy Pelosi to Taiwan, and the latest meeting of the OPEC+. The meeting was held against the backdrop of the war in Ukraine, which has led to a global energy crisis with the limits placed on Russian fossil fuels. US has already earlier called on Saudi Arabia to pump out more oil to fill in the gap.
“While the cartel (OPEC), is under obligation to protect its members including Nigeria, the current reality indicates that outcome will be shaped by the decisions of the big global players such as the US, Russia and Saudi Arabia,” said Masade, .
Lastly, he provided insights into challenges inhibiting Nigeria from maximizing the opportunities presented by the conflict in Ukraine, which has reduced the global supply of gas. According to Masade, lack of political will and lack of critical infrastructure are some of the greatest reasons for Nigeria’s disadvantaged position. One of such infrastructure that would have generated significant income for the country is the Trans-Saharan gas pipeline, which will traverse Nigeria, Niger and Algeria across the Sahara Desert to Europe. It is estimated that once completed, the $13 billion pipeline would transport up to 30 billion cubic meters (1 trillion cubic feet) of natural gas per annum from Warri in Nigeria through Niger and Algeria on to Europe.
