Africa Needs Over $200 Billion Annually to Achieve Energy and Climate Goals, Says NLNG.
The Nigeria Liquefied Natural Gas Ltd. (NLNG) has stressed the urgent need for over $200 billion in annual investments to meet Africa’s energy and climate targets, underscoring the continent’s critical position in the global energy transition.
This was highlighted by NLNG’s Managing Director, Philip Mshelbila, during a networking reception hosted by the company at the 2024 World LNG Summit and Awards in Berlin. Represented by Nnamdi Anowi, NLNG’s General Manager of Production, Mshelbila outlined the significant challenges and opportunities facing Africa in balancing energy access with sustainability.
“Africa, with a median age of just 20 years and an average GDP per capita that is a quarter of the global average, must navigate a delicate balance,” said Mshelbila. “Immediate energy access through fossil fuels must be complemented by a swift transition to sustainable energy sources to secure a prosperous future.”
Investments and Collaboration
Mshelbila called for a collaborative approach among policymakers, private sector stakeholders, and investors to create an environment conducive to attracting the required capital. He highlighted the need to enhance transparency, improve infrastructure, and develop human capital to effectively drive innovation and implement energy projects.
“At NLNG, we are committed to producing Liquefied Natural Gas sustainably, viewing it as a crucial bridge in the energy transition,” he added, emphasizing natural gas as a vital component of the energy mix that complements renewable sources like solar and wind.
Sustainability Commitment
Mshelbila reaffirmed NLNG’s dedication to sustainability, citing the company’s recent rebranding efforts to reflect its focus on innovation, excellence, and environmental stewardship. “Our new logo symbolizes our commitment to evolving with the times while staying true to our core values,” he said.
He also stressed that addressing Africa’s energy challenges is a shared responsibility. “The time for action is now. Let us invest in Africa’s energy future with a shared vision for prosperity and sustainability,” he urged.
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Industry Recognition
Parul Patel, Operations Manager at DMG Events, commended NLNG for its investments in the LNG sector and its pivotal role in supporting stakeholders. She noted that the company’s efforts bolster Nigeria’s standing in the global LNG market and significantly benefit the local economy.
“NLNG’s support is crucial for fostering growth and innovation, paving the way for a sustainable energy future,” Patel said, lauding the company’s role in hosting the networking reception, which served as a platform for discussions on the future of LNG in Nigeria.
World LNG Summit Highlights
The 24th World LNG Summit and Awards, organized by DMG Events, attracted over 750 attendees and 200 speakers from 500 companies spanning the energy value chain. The event, themed “Achieving the Balance Between Energy Security and Decarbonisation,” emphasized the pressing need for innovative solutions to meet global energy demands sustainably.
NLNG’s active participation in the summit reinforces its leadership in driving Africa’s energy transition and fostering long-term economic and environmental sustainability.
