The Nigerian National Petroleum Company (NNPC) Limited has called on the global energy community to collaborate with Nigeria and other African countries to achieve energy security and foster economic prosperity on the continent.
According to Thisday, Adokiye Tombomieye, the Executive Vice President, Upstream at NNPC, delivered a keynote address emphasizing the significance of international cooperation in unlocking Africa’s abundant energy potentialthe annual conference and exhibition of the Society of Petroleum Engineers (SPE) in Lagos,.
Representing Tombomieye, Sophia Mbakwe, the Managing Director of NNPC Energy Services Limited, highlighted that African countries face financial constraints in fully tapping into their natural gas reserves and increasing gas production. To address the funding gap and support gas projects with advanced technology and expertise, there is a growing demand for Foreign Direct Investments (FDIs) in Nigeria’s oil and gas industry.
The address served as an invitation to the global energy community to join forces in attaining energy security and prosperity in Africa. Efficiently developing natural gas resources necessitates technology prowess, innovation, and financial backing. FDIs not only bring capital but also introduce expertise, knowledge, and best practices, crucial for sustainable energy development.
The NNPC aims to inspire confidence in investors, ensuring that their commitments align with reasonable returns. Historically, FDIs have played a pivotal role in financing hydrocarbon reserves and production in Nigeria.
Amid increasing climate change concerns, global conversations have shifted towards promoting investments in low-carbon energy sources. However, Africa has only attracted a mere four percent of the $90 billion in FDIs to the continent between 2015-2019, mainly due to climate-related challenges.
With Africa’s population expected to continue growing, energy demands are projected to rise significantly, surpassing the current growth rate of Africa’s clean energy market. The continent’s vast gas resources will play a pivotal role in meeting these energy demands and driving economic growth.
NNPC’s call for global energy investors presents a significant opportunity to unlock Africa’s energy potential and foster sustainable economic development. Through strategic FDIs, innovative technology, and international collaboration, Africa can achieve energy security and contribute to a prosperous and sustainable future for the continent and beyond.