ODAHIEKWU OGUNDE, Yenagoa
An energy expert and Publicity Secretary, Nigerian Gas Association, Odianosen Masade, has urged the African continent to adopt a diversified approach to the energy transition quest and leverage its abundant gas reserves.
Masade made the assertion in an interview in Yenagoa, Bayelsa State capital, on Monday against the backdrop of rising global energy costs.
He noted that amidst the lingering global energy crisis and increased calls for the replacement of fossil fuels with renewable energy to reduce carbon emissions, there was an imperative need to diversify the energy transition.
According to him, Africa needs to be cautious and consider all the pertinent issues in transitioning from fossil fuel to cleaner, more sustainable energy sources.
He explained that Africa accounts for the least share of global greenhouse gas emissions, at just 3.8 per cent in contrast to 23 per cent in China, 19 per cent in the US, and 13 per cent in the European Union.
He said that while Africa is the least industrialized of all the continents in the world, it is one of the most vulnerable to climate change.
Masade said that it was regrettable that whilst the developed economies responsible for the challenges posed by climate change took over a century to reposition for fossil transition, Africa is expected to transition over a few decades.
He applauded the recent transformation of the Nigerian National Petroleum Corporation (NNPC) into a commercially and profit-oriented business entity.
Masade said that experts in the energy sector had long advocated the privatisation of the public-owned behemoth to increase its efficiency and separate its regulatory, revenue generating and oil production components.
He stated: “The idea is for the entity to become profitable. With privatisation, 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.”
However, the NGA secretary expressed the need for proper implementation of the new policy without jettisoning proposed changes in the operation 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 included 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, aimed at regulating the supply of oil in order to set the price on the world market.
He lamented the challenges inhibiting Nigeria from maximizing the opportunities presented by the conflict in Ukraine, which he said had reduced the global supply of gas.
According to Masade, lack of political will and investments on critical infrastructure are some of the greatest reasons for Nigeria’s disadvantaged position.