By Faridat Salifu
Executive Chairman of AA Holdings, Austin Avuru, has shed light on the multifaceted challenges and opportunities that Nigeria faces in its pursuit of energy goals.
Avuru’s insights, delivered during the Annual International Strategic Conference of the Association of Energy Correspondents of Nigeria (NAEC) recently, offers a fresh perspective on the nation’s energy priorities.
Speaking on the conference theme: “Nigeria’s Energy Transition: Enhancing Investment Opportunities and Addressing Challenges in the Energy Sector”, Avuru explained that the energy transition agenda is a lot more serious than an issue that has to do with carbon emissions in the country.
Avuru advocated a comprehensive approach that transcends the monetary dimension. While recognizing that substantial annual investments amounting to $25billion over the next decade is needed to attain ambitious oil and gas production targets, the AA Holdings Boss underscored the importance of addressing broader energy issues in the country.
He said: “Carbon emissions reduction has been the key factor that all the energy transition argument has been hinged on.
“Most countries have focused on addressing energy security and optimizing the available resources while driving the transition. Every country will address these two things before coming to what some people think is the residual matter of reduction of carbon emission.”
Avuru said this approach involves diversifying energy sources and transitioning to cleaner, renewable options such as solar, wind, and hydroelectric power.
He added that if the government must prioritize the energy transition agenda, it should have raised the country’s crude oil production to about 3 to 4 million barrels per day presently, then, reduce production to 1 million barrels per day by 2040.