Nigeria’s President Tinubu Addresses Energy Challenges at NIES 2024
President Bola Tinubu of Nigeria delivered a keynote address at the 7th edition of the Nigeria International Energy Summit (NIES 2024), highlighting the crucial issues of energy security, the removal of petroleum subsidies, and the need for a just energy transition.
Represented by the Minister of Information, Mohammed Idris, President Tinubu emphasized the importance of the summit in tackling the challenges and harnessing the opportunities in the ever-evolving energy landscape. He acknowledged this year’s theme, “Navigating the New Energy World Order: Security, Transition, and Finance,” as timely and critical, recognizing Nigeria’s position at a crossroads in the global energy transformation
Energy Security and the Subsidy Dilemma:
President Tinubu identified energy security as a paramount national and global concern. He emphasized the need for a resilient energy infrastructure to address emerging geopolitical and technological challenges, ensuring energy security for future generations.
He addressed the contentious issue of petroleum subsidies, acknowledging the strain it has placed on Nigeria’s economic resources, leading to inefficiencies and hindering investments in crucial areas of energy security. He framed the removal of the subsidy as a necessary step towards a sustainable and secure energy future, fostering economic growth.
Transparency, Investment, and Social Considerations:
President Tinubu emphasized the benefits of removing the subsidy, including increased transparency and accountability in the energy sector. The redirected funds, previously allocated to subsidizing petroleum products, are now being utilized for developing and improving energy and other critical social infrastructure.
Furthermore, the subsidy removal is expected to encourage private sector participation in the energy industry, potentially attracting more local and international investors. This, in turn, could foster innovation and competition, ultimately lowering costs and improving the overall efficiency of the sector.
Acknowledging the immediate impact on citizens, especially those with lower incomes, President Tinubu reassured the public of his administration’s commitment to implementing social intervention programs. These programs aim to mitigate the short-term effects on vulnerable populations, ensuring an equitable sharing of the burden and protecting the most vulnerable members of society.
Embracing Transition and Financing the Future:
Recognizing the changing energy landscape, President Tinubu emphasized the importance of transitioning to cleaner and more sustainable alternatives. He highlighted the dual nature of this transition, stressing that it is both an environmental imperative and an economic opportunity. Collaborative innovation is crucial, he argued, to ensure a smooth and just transition that benefits everyone.
The President underscored the pivotal role of finance in driving the energy agenda. He stressed the need for adequate funding to support the development and deployment of cutting-edge technologies, infrastructure, and projects that will shape Nigeria’s energy future. Exploring innovative financing models, engaging the private sector, and attracting investments are crucial for building a more resilient and diversified energy sector.
Collective Action and Shaping the Future:
President Tinubu emphasized the importance of NIES 2024 as a platform for collaboration. He lauded the gathering of government officials, industry leaders, academia, and civil society, highlighting the power of their collective wisdom in shaping the future. He expressed his confidence that the discussions held at the summit would be instrumental in defining policies and strategies for a sustainable and secure energy future for Nigeria.
President Tinubu concluded his address by encouraging delegates to actively participate, engage in meaningful discussions, and contribute their expertise towards finding solutions to the complex energy challenges facing the nation. He emphasized unity and a shared commitment as key drivers in navigating this new energy world order with resilience and innovation.
