The Nigerian National Petroleum Company Limited (NNPC Ltd) has urged the establishment of more local institutions in Nigeria and Africa with the capacity to fund energy projects to address energy poverty.
This call was made by NNPC Ltd’s Chief Financial Officer, Mr. Umar Ajiya, during the 23rd Nigeria Oil Gas Conference and Exhibition (NOG Energy Week) in Abuja on Wednesday, according to a statement by its spokesperson, Olufemi Soneye.
Speaking at a panel session themed “Accelerating Investment, Enabling Industry Growth, Meeting Energy Demand,” Ajiya emphasized the need for the development of institutions like Afreximbank and the proposed Africa Energy Bank to finance energy infrastructure projects, given the reluctance of global financial institutions to fund oil and gas projects due to environmental concerns.
He highlighted that solving the paradox of endemic energy poverty amid abundant energy resources in Nigeria requires creating an enabling environment to aggressively attract investment into the energy sector. Ajiya mentioned the passage of the Petroleum Industry Act (PIA) and the recent enactment of three Executive Orders in the sector by the President as practical steps by the Federal Government to provide the fiscal incentives necessary to attract investment.
Ajiya also noted that creating an investor-friendly environment is a collective task, involving not just the government but also citizens. He stressed that the behavior of Immigration and Customs Officers, drivers, the media, and the judiciary all influence investors’ perceptions of the country.
“There’s room for everyone to make sure that investment comes back to Nigeria,” he declared.
He identified Gwagwalada, Kaduna, and Kano Independent Power Plants as key energy projects under the national oil company that investors can take advantage of.
The panel, moderated by First Bank’s Group Head of Energy, Ms. Oluwatoyin Aina, included other notable members such as the President of the African Export-Import Bank, represented by the bank’s Regional Chief Operating Officer for Anglophone West Africa, Mr. Eric Monchu Intong; Executive Director of Midstream and Downstream Gas Infrastructure Fund, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Oluwole Adama; Managing Director of Energy and Natural Resources at Standard Chartered, Ade Adeola; Vice President of Investment at Africa Finance Corporation, Ms. Taiwo Okwor; and the Executive Secretary/Chief Executive Officer of the Nigerian Investment Promotion Commission, represented by the Commission’s Deputy Director of Policy Advocacy, Mr. Abayomi Salami.
