The 7th edition of the Nigeria International Energy Summit (NIES 2024) has opened in the Federal Capital Territory (FCT), Abuja with discussions centred around the challenges and opportunities in the energy sector.
According to the Minister of State for Petroleum Resources Gas, Ekperikpe Ekpo, Nigeria is at “a critical juncture in our journey towards a sustainable energy future for our dear nation.”
In his opening address, Ekpo recognised that the relationship between this year’s theme of the summit, which borders on security, transition and finance, and the gas industry’s potential will help in unlock the country’s future to the right path.
He said “The theme of this summit, ‘Navigating the new energy world order: Security, Transition, and Finance,’ underscores the challenges and opportunities that define our times. The theme resonates deeply with the path that the gas industry must tread to ensure Nigeria’s economic transformation.
“Allow me to shed light on the symbiotic relationship between the summit’s theme and the gas industry’s transformative potential in our great nation,” Ekpo said in his address at the summit.
The minister revealed that Nigeria has decided to toe the line of sustainable energy for the future through the use of gas as a “transition fuel.”
He further explained that the shift from conventional to renewable sources of energy by the country is in line with the plan of climate change objectives.
Ekpo believes that Nigeria’s huge gas reserves, which is more than 208TCF at present, will play a crucial role securing the country’s future in the energy landscape.
“Energy security extends beyond geopolitical stability to include energy infrastructure’s resilience, diversity, and reliability. The gas industry, with abundant proven gas reserves of more than 208TCF and further exploration potential, is crucial for enhancing energy security. In the light of the above, Nigeria has no business with energy poverty.
“In our transition to a sustainable energy future, Nigeria has chosen gas as our transition fuel, facilitating the shift from more conventional to new and renewable energy sources. With its lower carbon footprint and versatility, natural gas aligns with global climate objectives while providing a reliable solution for our energy needs. Nigeria, with significant gas reserves, should leverage this advantage to become a key player in the global energy transition and a regional powerhouse for gas processing and industrialization,” he said.
The minister of state for petroleum resources gas who admitted that the country is currently faced with challenges however believes the gas industry holds the key to driving “economic development, job creation, poverty eradication and environmental sustainability.”
Ekpo said “Nigeria is currently facing challenges as we continue our journey of National development; however, these challenges also present us with a unique opportunity to seize the moment and define our future, without a doubt, the gas industry plays a crucial role in shaping the country’s energy future. The nation is rich in natural gas reserves. It is now essential to strategically utilize these resources to drive economic development, job creation, poverty eradication and environmental sustainability,”.
He assured guests that Nigeria is committed to implementing policies and frameworks that will ensure growth in the gas and energy sector to encourage investment and promote innovation that will bring about sustainability.
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