Chief Timipre Sylva, Minister of State for Petroleum Resources, has pledged the Federal Government’s commitment to ensuring Nigerians have access to energy at reasonable prices.
At the 2nd World Energy Day seminar hosted by the National Chamber Policy Center of the Abuja Chamber of Commerce and Industry on Tuesday, Sylva provided the assurance (ACCI).
The minister stated that the Petroleum Industry Act (PIA) would further support the opening up of the downstream oil sector to ensure access to affordable energy. He was represented by a ministry representative named Mr. Dipo Agboola.
He emphasized how crucial it was to separate the downstream oil sector.”We’ve spent a lot of money on subsidies. However, more economic opportunities would be created if the downstream industry were to be debundled.
“Although there may be some initial difficulties, doing so will ultimately serve the interests of the nation.” For instance, in the telecoms industry, a SIM card used to cost ₦18, 000 when companies like MTN and Glo first entered the market, but today you can buy one for virtually nothing.” Also, the telecoms industry is now competitive. Therefore, we must make sure that energy is inexpensive for our population.
We would have been able to accomplish several of the Sustainable Development Goals if electricity had been more reasonably priced, he claimed.
This is done in order to cut carbon emissions while still making use of hydrocarbon resources, particularly natural gas, which serves as Nigeria’s primary fuel for energy transition.
The ability of Nigeria and oil and gas businesses to attract financing will continue to be impacted by the energy transformation. He explained, “This is because banks and investors are prioritizing environmental, social, and governance considerations and avoiding supporting hydrocarbon projects.
According to Abubakar, the conference will help people understand the government’s efforts to advance the industry, increase private sector investment in clean energy, and offer fresh perspectives on the country’s energy transition policy.
In his words, “I believe that security in the oil and gas sector will assist Nigeria to meet its daily OPEC oil output as well as meet the country’s energy requirements. Energy Security and Sustainability in the Oil and Gas Sector is the conference’s theme.
