An energy expert, Mr Odianosen Masade, has urged the African continent to adopt a diversified approach to the energy transition quest and leverage on its abundant gas reserves.
Masada, Publicity Secretary of the Nigerian Gas Association (NGA) expressed the view in an interview on Monday in Yenagoa.
He said amidst the lingering global energy crisis and calls to replace fossil fuels with renewable energy to reduce carbon emission, the NGA advocates a diversified approach to energy transition..
According to Masade, Africa needs to be cautious and consider the pertinent issues in transitioning from fossil fuel to cleaner, more sustainable energy sources.
He said Africa accounts for the least share of global greenhouse gas emissions.
Masada said, ”while Africa’s contribution is just 3.8 per cent, China, the USA and the European Union contribute 23 per cent, 19 per cent, and 13 per cent, respectively.
”While Africa is the least industrialized of all the continents of the world, it is one of the most vulnerable to climate change caused by carbon emissions.”
Masade decried that the developed economies responsible for the climate change challenges took over a century to reposition for fossil transition, while Africa is expected to transit soon.
He applauded the recent transformation of the Nigerian National Petroleum Corporation (NNPC) into a commercially and profit-oriented business entity.
Masade said energy sector experts have long advocated the privatization of the public-owned behemoth to increase its efficiency and separate its regulatory, revenue generating, and oil production components.
“The idea is for the entity to become profitable. With privatization, the NNPC will be relieved of all the burdens of government control and become autonomous.
“The NNPC can now be listed on the Stock Exchange, secure investments and generate more revenue for the country,” Masada said.
The NGA scribe, however said there was the need for proper implementation of the new policy without jettisoning proposed changes in the operations of the company in the new era.
Masade, who is also the Corporate Communications Lead, Eroton Exploration & Production Company, examined some of the socio-economic and political issues shaping the global energy market.
The indicators, he said, include the Russia-Ukraine conflict, the controversial visit of United States House Speaker, Nancy Pelosi to Taiwan and the latest meeting of the Organisation of Petroleum Exporting Countries Plus (OPEC+).
OPEC+ is an oil supply rival pressure group consisting of the 13 OPEC members and 10 of the world’s major non-OPEC oil-exporting nations.
The organization is aimed at regulating the supply of oil in order to set the price on the world market.
“The meeting was held against the backdrop of the war in Ukraine, which has led to a global energy crisis with the limits placed on Russian fossil fuels.
“The United States had earlier called on Saudi Arabia to pump out more oil to fill in the gap.
“While the cartel (OPEC), is under obligation to protect its members including Nigeria, the current reality indicates that the outcome will be shaped by the decisions of the big global players such as the US, Russia and Saudi Arabia,” Masade said.
He bemoaned the challenges inhibiting Nigeria from maximizing the opportunities presented by the conflict in Ukraine, which had reduced the global supply of gas.
Masade said lack of political will and investments in critical infrastructure were some of the greatest reasons for Nigeria’s disadvantaged position.
He listed one of such infrastructure that would have generated significant income for the country as the Trans-Saharan gas pipeline, which will traverse Nigeria, Niger and Algeria across the Sahara desert to Europe.
Masade said, ”once completed, the $13 billion pipeline would transport up to 30 billion cubic meters or 1 trillion cubic feet of natural gas per annum from Warri in Nigeria, through Niger republic and Algeria on to Europe.”
