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Key highlights
- Former UK Prime Minister, Boris Johnson, stated Nigeria has the potential to be a renewable vitality superpower in addition to a large producer of oil and fuel.
- Identical to different African international locations the place vitality entry is poor, Nigeria is advocating the usage of oil and fuel in its vitality transition plans to shut vitality entry gaps within the nation.
- Along with rising its dedication to renewable vitality, Nigeria will probably be creating its built-in oil and fuel belongings at Kolmani in Bauchi and Gombe states in addition to Obi in Nasarawa state.
Former United Kingdom Prime Minister, Boris Johnson, has stated that Nigeria might develop into a large producer of oil, fuel and renewable vitality.
He said this in the course of the sixteenth version of the Anyiam Osigwe Annual Lecture, held in Lagos State on Monday, March 27.
Johnson additionally spoke concerning the potential of Nigeria and the UK to work collectively to realize set targets. Channels TV quoted him to have stated:
- “It’s time for the UK and Nigeria, two nice democracies with a lot historical past in widespread to do extra collectively we must be tackling local weather change collectively.
- “The expertise is there, the UK is already one of many world’s best producers of offshore wind and it’s unbelievable, that we now produce extra offshore wind than nearly another nation on this planet.
- “Nigeria may very well be a renewable superpower in addition to a large producer of oil and fuel and we are able to share the expertise.
- “The mixture of freedoms is demonstrably the perfect path to long-term prosperity and allow us to acknowledge that our challenges are shared challenges whether or not it’s local weather change or the instability within the Sahel that triggers each the terrorism and the mass migration that washes up on the shores of the UK, and let’s sort out them collectively.”
Why Nigeria ought to discover all vitality assets
Boris Johnson’s speech exhibits that he’s in help of Nigeria exploring all its vitality assets, which embody renewable vitality in addition to oil and pure fuel. Nigeria must discover all these assets as a result of thousands and thousands of Nigerians nonetheless lack entry to electrical energy regardless of the nation’s huge oil, fuel and renewable vitality assets.
In 2021, the World Financial institution revealed that 85 million Nigerians shouldn’t have entry to grid electrical energy, which represents 43% of the nation’s inhabitants and makes Nigeria the nation with the biggest vitality entry deficit on this planet on the time.
The shortage of dependable energy is a big constraint for residents and companies. That quantity has elevated now because the June 2022 Power Progress Report revealed that Nigeria has the bottom entry to electrical energy globally, with 92 million individuals missing electrical energy entry.
The best way ahead to assembly Nigeria’s vitality wants
Along with exploring extra off-grid electrical energy entry in unserved areas, stakeholders in Nigeria’s oil and fuel sector have renewed their dedication to exploring extra oil and fuel, particularly in frontier basins.
In 2022, the Nigerian Nationwide Petroleum Firm (NNPC) Restricted made a big discovery of oil and fuel within the Kolmani basin (between Bauchi and Gombe states).
Important oil and fuel have additionally been not too long ago found in Nasarawa state and immediately, there will probably be a spud-in ceremony at Obi native authorities space within the state.
What you need to know
The Kolmani Built-in Improvement Mission has attracted over $3 billion in overseas direct funding and has the potential to provide 50,000 barrels per day. The venture is a totally built-in in-situ improvement venture comprising upstream manufacturing, oil refining, energy technology, and fertilizer manufacturing.
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