African Reserves

NNPC Weekly: Kyari seeks more FDI in Nigeria’s energy sector

By Edith Ike-Eboh and Emmanuel Afonne

Malam Mele Kyari, the Group Managing Director (GCEO) of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has urged investors to tap into the huge business potentials of the Nigerian energy sector to invest in the country.

Kyari, speaking at the Nigerian-Indian Business Forum in Abuja, said that the Petroleum Industry Act (PIA) has created a favorable environment for investors in the oil and gas sector of the economy.

Kyari, represented by the company’s chief financial officer (CFO), Umar Ajiya, noted that Nigeria’s natural gas reserves presented a tremendous opportunity to achieve energy self-sufficiency.

He added that the company is focusing on gas development, with the aim of energizing Africa, including India.

Speaking earlier, the Indian High Commissioner to Nigeria, H.E. Shri Balasubramanian said that Nigeria is poised to play a vital role in global affairs due to ongoing global realities, its immense natural resources as well than its policies.

He said Nigeria has become India’s biggest trading partner in Africa, adding that it was made possible through the goodwill of the people.

According to him, whether in trade or manufacturing, Indian businesses have always found Nigeria a land of immense opportunities and this is the reason why a significant number of Indians have made the country their second home.

The High Commissioner added that it was time to identify new areas of cooperation between the two countries.

Meanwhile, NAPET Telecommunications Services, an ICT subsidiary of NNPC Limited, has obtained a telecommunications license from the Nigerian Communications Commission (NCC).

Thanks to this feat, the company can now operate as a fully registered telecommunications company in the country.

The certificate was recently presented to the Company Chairman and Chief Financial Officer (CFO) of NNPC Limited, Mr. Umar Ajiya in Abuja by the Company’s Managing Director, Sanusi Yerima.

Speaking at the event, the CFO said the company has everything it needs to compete with other IT companies in the country now that it has become a legal entity, pointing out that it has a unlimited growth potential.

For his part, NAPET Managing Director Sanusi Yerima said the company is now in a position to roll out its digital super highway across the country and will provide quality services at competitive prices to individuals and businesses.

Meanwhile, NNPC Ltd. said it would pursue profitable new energy ventures to ensure the country’s net-zero transition by 2060.

The company’s Group Chief Executive, Malam Mele Kyari, said this during the public launch of Nigeria’s energy transition plan by Vice President Yemi Osinbajo.

He said the country has a growing population of young people who need a stronger economy fueled by reliable energy options.

He said, “This event comes after the historic presidential unveiling of NNPC Ltd. with a clear vision and renewed commitment to increasing NNPC’s relevance in the global energy market while ensuring our nation’s energy security.

“With NNPC Ltd. as a fully commercialized company, Nigeria is well placed to lead the African continent in a just and gradual energy transition.”

He said Nigeria and other African countries have adopted 2060 as the appropriate date for its net zero transition based on energy justice, adding that Nigeria has embraced gas as a fuel for transition which would help finance other renewable infrastructure.

He said: “NNPC recognizes the activities of the oil and gas sector as a significant contributor to carbon emissions and the resulting negative impact on the climate.

“We have taken steps to decarbonize our operations by primarily extinguishing gas flares from our operations, continuing the carbon capture initiative and technology that supports low carbon operations while focusing on gas as transitional fuel”.

He added: “NNPC is taking advantage of Nigeria’s huge natural gas reserves of over 200 trillion cubic feet of gas with potential to grow to 600 Tcf as more investment is expected due to the recent resolution of sharing contracts. of production.

“The company is also taking advantage of NNPC’s empowerment under the Petroleum Industry Act to assume full responsibility for the commercial exploitation of the joint venture’s assets.”

Kyari said the company supports the government’s national gas expansion program, which would boost the use of natural gas as an alternative transportation fuel.

He revealed that progress was being made in the construction of the Abuja-Kaduna-Kano, Nigeria-Morocco and Trans-Saharan gas pipelines.

Nigeria’s energy transition plan laid out the country’s path to achieving net zero emissions by 2060 and its leadership role in enabling a just and equitable climate future for Africa, with the ultimate objective of mobilizing the necessary financing to relaunch the implementation of the plan.

Specifically, the global launch highlighted Nigeria’s commitment and ambition to achieve carbon neutrality while ending energy poverty, which would lift 100 million people out of poverty, boost economic growth and to provide modern energy services to the entire population.

Nigeria’s drive for energy transition is in line with Sustainable Development Goal 7 (SDG7) which calls for “affordable, reliable, sustainable and modern energy for all” by 2030.

SDG 7 targets three areas, namely: access to energy (SDG 7.1), renewable energies (SDG7.2) and energy self-sufficiency (SDG7.3).

Nigeria is a signatory to both the COP26 agreement and the Paris Climate Accord which call for net zero emissions, but Africa’s largest economy is seeking a fairer way to achieve it.

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