The Nigerian National Petroleum Company (NNPC) Limited has emphasized the need for more local institutions in Nigeria and Africa to provide funding for energy projects to combat energy poverty.
This call was made by the Chief Financial Officer of NNPC Ltd, Mr. Umar Ajiya, at the ongoing 23rd Nigeria Oil and Gas Conference and Exhibition (NOG Energy Week) in Abuja on Wednesday.
During a panel session themed “Accelerating Investment, Enabling Industry Growth, Meeting Energy Demand,” Mr. Ajiya highlighted the reluctance of global financial institutions to finance oil and gas projects due to environmental concerns.
He stressed the need for the development of institutions like Afreximbank and the proposed Africa Energy Bank to finance energy infrastructure projects.
Mr. Ajiya noted that solving the issue of energy poverty amid abundant energy resources in Nigeria requires creating an enabling environment to attract investment in the energy sector.
He cited the passage of the Petroleum Industry Act (PIA) and the recent enactment of three Executive Orders by the President as practical steps by the Federal Government to provide the necessary fiscal incentives.
The CFO emphasized that fostering an investor-friendly environment is not solely the government’s responsibility.
He pointed out that the conduct of citizens, from Immigration and Customs Officers to drivers, media, and the judiciary, plays a crucial role in shaping investors’ perceptions of the country.
“There’s room for everyone to make sure that investment comes back to Nigeria,” he declared.
Mr. Ajiya listed key energy projects, such as the Gwagwalada, Kaduna, and Kano Independent Power Plants, as opportunities for investors.
