Vice President Yemi Osinbajo has said Nigeria should not abandon its fossil fuel deposits at present, despite the global push towards cleaner energy sources.
The vice president made the emphasis on Saturday, during a book launch event in Abuja titled “Understanding Natural Gas, a Nigerian Perspective,” co-authored by former Executive Director in charge of Gas and Power at the NNPC, Dr. David Ige, and senior lawyer Dapo Akinosun.
Osinbajo said this just as the Chief Justice of Nigeria, Justice Olukayode Ariwoola, recently urged the Federal Government to increase investments in gas exploration.
According to Osinbajo, natural gas has gained significant prominence in global politics in recent months, particularly due to the ongoing conflict in Ukraine, which serves as a reminder of the complicated energy security challenges that nations currently encounter.
As gas prices continue to soar, countries such as Europe and America are compelled to address the vulnerabilities of their energy supply strategies. Osinbajo believes that each country must acknowledge its unique circumstances.
“The key question, of course for us, is how does Nigeria respond? How do we position ourselves to the vantage point of a nation with abundant energy resources, working assiduously to diversify its energy resources, develop domestic resources, enhance energy efficiency, and strengthen our infrastructure?
“Our nation like others around the world, finds itself in a situation where we must navigate this challenging transition wisely and economic future in very clear perspective,” he explained.
According to him, the push to phase out fossil fuels quickly and discourage new investments in related projects is fast gaining momentum, stressing that Nigeria must take the call to action seriously, not just for the sake of the environment, but also for the economy and her people.
“It’s important that we must emphasise that while climate change is an existential threat, our energy poverty and our development is also a major threat. And so, we must find a way of balancing it. I think that this will involve a faithful implementation of our Energy Transition Plan, which involves the implementation of the decade of gas proposals,” he said.
He pointed out that there were attempts to chart a pathway to renewable energy as the bedrock to develop 250 gigawatts of solar power by 2060, which is when Nigeria intends to hit net zero. He further highlighted the role of gas as a transition from heavier fossil fuels.
“No country has yet been known to develop its energy industry solely on renewable energy. And therefore, the call for us to do so solely on renewable energy is unreasonable. So, they must take into account the fact that we are a gas-rich country and that we require gas not just for industry, but also to even be able to effectively use solar power, especially on our grid,” he stated.
The vice president said that Liquefied Petroleum Gas (LPG) remains a viable alternative to total abandonment of fossil fuels, especially in the transition period.
He commended the authors of the book, saying it is an important book and one of the few technical texts that has a strong policy and legal perspective. He also highlighted that the book is simple to read.
In his remarks, the Chief Justice of Nigeria (CJN) Justice Olukayode Ariwoola, has called on the federal government to deepen investments in gas exploration.
The CJN lauded the duo for putting pen to paper, noting that all literate Nigerians should have a copy to understand the sector better.
He stated that gas remains Nigeria’s new oil, noting that the book is a compilation of the duo’s industry experience and a comprehensive overview of the sector as well as its evolution.
“It’s a must-read for students, academics, investors, lawyers in practice, and policymakers as well as anyone looking for a quick knowledge of the gas industry,” he pointed out.
In his intervention, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mallam Mele Kyari, said Nigeria was on course to realising the decade of gas aspiration.
