Stakeholders in the energy sector have called for the development of energy transition to position the country for opportunities in renewables before the stock of crude oil dries up.
The experts who spoke at the third edition of the Dr Diran Fawibe Annual Lecture Series organised by International Energy Services Limited, the Centre for Petroleum Energy Economy and Law (CPEEL) and the University of Ibadan (UI) with theme: “Development of National Framework and Partnerships for Sustainable Energy Access and Security” in Ibadan, the Oyo state capital maintained that there was need to come up with national framework and strategic partnerships to guarantee sustainable energy access in Nigeria.
Austin Avuru,the chairman, AA Holdings, co- founder and pioneer CEO of Platform Petroleum Limited and pioneer chief executive officer of Seplat Petroleum Development Company Plc in his keynote address at the event who underscored the need for a strategic plan stated that the country needed a comprehensive strategy to tackle Nigeria’s energy challenges.
According to him, developing a strategic plan for energy transition with specific objectives would position Nigeria for sustainable energy access, reduction of losses, security as well as opportunities in renewable energy.
While saying that there should be a framework for developmental strides that ensure energy security for us noted that Nigeria must plan for what will be inevitable.
“Nigeria must therefore use its resources to generate energy and take the people out of energy poverty. We must also use those resources to solve our energy problem.”
Avuru who canvassed for building internal refining capabilities emphasised that energy security would ensure growth for the country and economic opportunities by reducing unemployment among other challenges facing the country.
Calling for the unbundling and privatization of the Transmission Company of Nigeria (TCN), the energy expert stated it would lead to increased efficiency, performance and realisability of power in the country.
“By unbundling and privatization of TCN, the power sector will witness a remarkable improvement, losses of energy and reduce constant grid collapse which we are witnessing presently. Addressing these weaknesses was crucial for ensuring a stable and reliable power supply” he added.
He decried the system collapsing most times saying they are having severe consequences on businesses and daily life.
Kayode Adebowale, professor and Vice Chancellor of the University of Ibadan, emphasized the critical role of energy in economic and social development.
According to the UI VC who was represented by Deputy Vice Chancellor (Administration), Peter Olapegba, a professor, energy remains the lifeblood of modern economies. Its availability, accessibility, affordability, and sustainability are indispensable for industrialisation and achieving the Sustainable Development Goals (SDGs).
Diran Fawibe, group chairman of International Energy Services pointed out that there was a need for partnerships for the country to scale the present hurdles in energy accessibility and building sustainability.
“It’s only government that can tackle this in partnership with the private sector and the university academia.
“The consequences of energy poverty are clear. Only through effective collaboration can we fund research, drive innovation, and provide practical solutions to Nigeria’s energy crisis,” he said.