President bola ahmed tinubu has described the energy sector as the invisible force that holds the modern world together, declaring that the sector remains critical to social stability that cannot be ignored If the African continent is to grow.
President tinubu who was represented by vice president kashim shettima while officially declaring open the ongoing Nigeria International energy summit in Nigeria’s federal capital, abuja, on tuesday acknowledged the strategic roles of critical partners whom he said have helped shaped dialogue, and investments in the sector over the past years both in Nigeria, and at the continental level.
On work done so far since assumption of office as president on 29th, May, 2023, president bola tinubu told the gathering that his administration inherited an energy sector constrained by inefficiencies, and uncertainty. The president noted that with the understanding of his administration that energy is the catalyst for national security, industrial growth, including social inclusion and regional cooperation, the administration quickly set out to initiate reforms to drive growth in the sector.
The president disclosed that the starting point for reforms in Nigeria’s oil and gas in 2023 was hinged on the full implementation of the petroleum industry act aimed to strengthening regulatory institutions to ensure clarity of roles, transparency, and investor confidence.
President bola tinubu also noted that with ongoing reforms in the nation’s oil and gas space, the country currently stands at 1.6million barrels per day crude oil production with projected target of hitting 2.5million barrel per day by the year 2027.
“Nigeria’s refining landscape entered a new era with the commencement of full operation of the dangote petroleum refinery, significantly enhancing domestic supply of petroleum products” the president declared
“Rehabilitation of state-owned refinery also gained renewed momentum with operational stability and efficiency remaining a primary focus” the president further declared.
While acknowledging that gas remains the strategic transition fuel for Nigeria, president bola tinubu said his administration will continue to pursue reforms to grow the nation’s gas sector.
On his part, president of equatorial guinea, Teodoro Mbasogo represented by his minister of hydrocarbon and minning during his remarks at the event said Africa must lead its own energy transition inline with its economic and social realities, declaring that the continent cannot afford to adopt models that demand the abandonment of the continent’s vast natural resources in the face of deprivation that currently challenges the continent amidst lack of access to reliable electricity.
President Mbasogo also noted that natural gas is and will continue to remain the transition fuel that guarantees development, industrialisation and social stability not just for equitorial guinea, but across the continent of Africa.
President of the republic of gambia Adama Barrow in his own speech said while fossil fuel may continue to play a leading role in supporting development both at the sub-national, natonal and the continental levels said long-term sustainability of the continent’s economies depends on how it can fast track the deployment of renewable energy, strengthening regional power pools, and investments in energy efficiency, and human capital, declaring that Nigeria has a significant role to play in this direction.
