Tinubu’s Administration Prioritizes Gas Sector Investments and Energy Transition

The Special Adviser to the President on Energy, Mrs. Olu Arowolo Verheijen, has emphasized the commitment of the President Bola Tinubu administration to improving the country’s business climate in order to attract more investments into the gas and energy sector.

During the Day 2 Plenary session of the ongoing Nigeria International Energy Summit (NIES) 2024 in Abuja, Verheijen highlighted the importance of Nigeria’s role in the global energy markets and the need to balance energy security at home and on the continent while ensuring sustainability and affordability.

One of the focus areas for the administration, according to Verheijen, is to ensure that the government doesn’t stay in the business of investing capital in a sector that can easily attract private sector capital.

She stressed the need to improve the country’s competitiveness and its ability to attract more local, regional, and foreign capital/investments to the sector.

Speaking on the global energy transition, Verheijen noted that gas, which the country has in abundance, is Nigeria’s ‘transition fuel and our fuel for the future.’

She emphasized the importance of transitioning from fossil fuels in a way that matches the affordability of sustainable energy sources, as solar energy still costs two to three times more than gas.

The government is also exploring initiatives such as gas flare commercialization (programme) and carbon capture utilization and storage to continue decarbonizing oil and gas operations as they grow production.

The President Tinubu administration is committed to improving the gas and energy sector in Nigeria, and to balancing energy needs and global requirements for energy transition.

The focus on attracting private sector capital, improving competitiveness, and ensuring sustainable and affordable energy sources will be crucial for the country’s future in the global energy markets.