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REMOVAL OF PETROLEUM SUBSIDY IS LONG TERM ENERGY SECURITY AND INVESTMENT -PRESIDENT TINUBU       

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REMOVAL OF PETROLEUM SUBSIDY IS LONG TERM ENERGY SECURITY AND INVESTMENT -PRESIDENT TINUBU                                                                27-02-24

By Sadiq Aminu                                                      President Bola Tinubu has urged stakeholders in the Energy Sector to come up with Innovative solutions, maximizing the country’s potential in the Country’s oils and Gas Sector.

Speaking at the 7th Nigeria International Energy Summit, President Tinubu said the nation had long depended on the revenue generated from oil exports but it has become imperative to re-evaluate the energy policies to ensure a sustainable and secure future.

President Tinubu who was represented by the Minister of Information and National Orientation, Alhaji Idris Mohammed, said one of the policies which was removing the petroleum subsidy was a challenging one, but that had to be taken to secure the country’s energy future and foster economic growth.

“The theme of this year’s summit, “Navigating the New Energy World Order: Security, Transition, and Finance,” is not only timely but also critical as we find ourselves at the crossroads of a rapidly transforming global energy landscape.”

President Tinubu added that “Energy Security, as we know, is of paramount importance. It is not just a national concern; it is a global imperative. In the face of emerging challenges, both geopolitical and technological, we must ensure the resilience of our energy infrastructure. The decisions we make today will impact the energy security of generations to come”.

Secretary General-African Petroleum Producers Organization Dr. Omar Ibrahim said the organization was determined to establish the African energy Bank to improve investment in the sector and gave assurance that all untapped resources in Africa would be explored.

“African cannot afford to abandon the hundred of millions of crude oil reserves and hundreds of trillions of standard cubic feet of gas in the name of righting wrongs committed by others.”

The Group Chief Executive Officer of the Nigeria National Petroleum Company limited, Mele Kyari said the Company would continue to ensure that it fits into the current global energy transition.”

There is a very clear connection between energy security and National security anywhere in the world and I am sure you all will agree that nearly every conflict you see around the world today have some routes in every form, therefore, we understand our mandate to understand that this country must have energy efficiency.”

The Minister of State Petroleum Resources, Gas Mr. Ekperikpe Ekpo stated that the shift towards gas was not merely an option but a necessity for economic resilience.

“On transition to a sustainable energy future, the gas industry serves as a bridge fuel, facilitating the shift from conventional to renewable energy sources. Natural gas, with its lower carbon footprint and versatility, aligns with global climate objectives while providing a reliable solution to meet energy needs. Nigeria, with significant gas reserves, should leverage this advantage to become a key player in the global energy transition.”

Also speaking, the Minister of State Petroleum Resources Oil, Senator Heineken Lokpobiri maintained that Nigeria needed to harness her energy potential to attract investors.

“At the end of this three day summit, we will be able to come out with some ingenious ideas to ensure that we have energy security in Nigeria, we need to ramp up production. We have so many idle wells that we can give to the right people so we can ramp up production, the only way we can guarantee security is for us to improve production in the upstream aso that the midstream and downstream can be successful”.

The Summit has the theme, Navigating the new Energy World order: Security, Transition and Finance.

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