By Yusuf Yunus
Stakeholders in the oil and gas industry say exploring alternative energy sources in Nigeria is crucial for the country’s sustainable development and energy security.
The stakeholders shared their views at a webinar organised by BusinessDay and the Major Oil Marketers Association of Nigeria (MOMAN) in Lagos.
The webinar was part of BusinessDay’s Policy Intervention Series, a round table dialogue of industry players and policy makers. The theme is “Exploring Alternative Energies.”
A communique issued and by Lolade Akinmurele, Deputy Editor, BusinessDay after the webinar, noted that Nigeria has traditionally relied heavily on fossil fuels, primarily oil and gas, for its energy needs.
However, several factors such as the increase in petrol prices, demand for energy, environmental concerns, energy access and diversification, drive the search for alternative energy sources.
The following are some of the specific policy interventions that were discussed during the series:
There is a need to develop holistic policies to help drive the adoption of alternative energies.
Nigeria needs robust infrastructure investment in the midstream sector to be able to explore alternative energies.
Alternative energy adoption policies must focus on the pain points.
Natural gas is at the heart of alternative energies and requires more attention from the government and stakeholders.
Nigeria needs policy coordination and political will to move the needle on attracting investments into alternative energies.
The government should consider providing tax breaks and other financial incentives to companies that invest in alternative energy projects in order to enhance availability.
There is a need to support more private companies to deepen penetration across the value chain.
There is a need to develop the skills and expertise of the workforce in the alternative energy sector.
The development of Nigeria’s alternative energy sector is essential for the country’s long-term economic and social development. The government and the private sector must work together to create a supportive policy environment and attract investment.
