Thu, Jul 18 2024 18 July, 2024

Exploring local solutions to meet energy demand: Nigeria Oil and Gas Week

Nigeria Oil and Gas Energy Week in Abuja kicked off Monday, emphasising local solutions for sustainable energy and highlighting opportunities for women in industry.

A panel session at the 23rd Nigeria Oil and Gas (NOG) Energy Week (Photo: Gas Outlook/Samuel Ajala)

(Abuja, Nigeria) — As Nigeria continues to embark on its journey towards a more just, affordable, and sustainable energy system, speakers at the 23rd Nigeria Oil and Gas (NOG) Energy Week in Abuja emphasised the need for innovative local renewables development to meet the country’s energy demand.

This was said on Monday in Abuja during a panel session on exploring Nigerian content solutions to meet energy demand. The session also highlighted how Nigeria’s energy mix continues to evolve, what emerging opportunities exist for women, and how they can be harnessed.

The event is one of the largest global energy sector gatherings in West Africa aimed at redefining the future of energy in Nigeria, tackling the industry’s most pressing challenges, unlocking potential in achieving sustainable, and moving towards equitable energy transition.

Mustapha Abdullahi, Director & Chief Executive Officer of the Energy Commission of Nigeria, said the commission is mandated to craft strategic documents, strategic policies, and master plans to drive the energy industry. He said while doing so, the commission is also mandated to promote local renewables solutions.

“The energy commission has six centres of excellence across the country. The commission has also recently collaborated with the Ministry of Innovation, Science, and Technology to get Executive Order No. 5 approved by the President and announced. That Executive Order No. 5 permits local participation in the renewable energy space.”

Abdullahi further said the country’s energy master plan roadmap explained a clear implementation strategy of how the country will move from the predominant fossil fuels used to greener energy sources.

“The president himself has pledged to triple our renewable energy generation and there is a commitment document signed towards that. Our Electricity Act was also amended in January this year to incorporate local content participation, state participation and also 70% from our generation. Any company generating electricity must have 7% renewable energy generated from that. That itself is an opportunity,” said Abdullahi.

Accessing finance for female entrepreneurs

Ifeanyi Ukoha, Ag. Director of Finance and Personnel Management at the Nigerian Content Development & Monitoring Board (NCDMB) highlighted that collaboration and consolidation is key in the industry to promote content solutions for energy demand. He said the board is still open to collaborate and expand on the women in oil and gas fund as well as other funds already available.

Bassey Adie, Managing Director of Loyz Marine Services noted that there is a provision of $20 million that has been accessed by women in oil and gas sector. She said NCDMB collaborated with her team to structure the fund and streamline the process.

“The NCDMB realised the importance of awareness campaigns to ensure more women entrepreneurs are informed about the fund and its benefits. By enhancing outreach and providing workshops or seminars, more potential applicants could be educated on how to prepare their applications and understand the requirements.

Adie said that the $20 million fund is a significant step towards supporting women entrepreneurs in the oil and gas sector. She said continued efforts are needed to streamline the application process, enhance awareness, and provide mentorship to encourage more women to take advantage of this opportunity.

“The NCDMB’s willingness to adapt and improve based on initial feedback is a positive sign, and with ongoing adjustments, the fund can become more accessible and impactful for women in the industry.”

xxxxxxx