This was as it envisaged a win-win that would give huge returns on investments and enable it to meet its net-zero targets by 2050.
Executive Director, Health, Safety and Environment and Community at the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Dr. Mustapha Lamorde, made the call at a panel discussion at the Nigeria Pavilion on sidelines of the COP28 Climate Change Summit in Dubai, the United Arab Emirates.
At the event tagged ‘Nigeria’s pathway to energy sustainability: the role of the Nigerian Midstream and Downstream Petroleum Regulatory Authority,’ Lamorde said the investment opportunities in capital expenditure would be created by the NMDPRA Industry Sustainability Initiative.
He said NISI supports the sustainability of the midstream and downstream petroleum industry, aligning with Nigeria’s commitment to achieving net-zero carbon emissions (carbon neutrality) by 2050.
The initiative created in line with the Sustainability Development Goals (SDG 3, 7, 8, 9, 11, 13, 16, 17) geared towards achieving Nigeria’s 2060 net zero commitment would be three-phased.
This includes an implementation phase (short-term focus – 12 months) involving increasing renewable energy consumption in operations; a consolidation phase (medium-term focus – 5 years) to reduce methane emission intensity, and an evolution phase (long-term focus – 10 years) to achieve net-zero emissions by 2060.
Lamorde also gave a sectoral breakdown of the investment framework including $272 billion in Power driven by the provision of electricity to the entire population through renewable energy sources; Infrastructure, driven by opportunities for additional power transmission and distribution infrastructure, gas transmission and distribution infrastructure and electric chargers.
Others are $96bn in Oil and Gas Processing optimization driven by operational energy efficiency and savings, Carbon Capture and Storage (CCS); $80bn in Industry driven by a switch to zero-emissions technology like solar boilers, zero-emission fuels, and $2.8bn in Clean Cooking driven by the switch to clean cooking technology.
The NMDPRA Executive Director said that Nigeria’s path to net zero must be context-specific, saying “Solutions must address the specific challenges. The path must be just and equitable.”
Lamorde told foreign investors that with a diverse population of about 220 million people, a rich cultural heritage, and high economic potential among other qualities, “Nigeria is open business.”
The forum also received inputs from other panelists such as the Executive Director, Midstream and Downstream Gas Infrastructure Fund, Mr. Mansur Alkali; Senior Technical Adviser on Transition Energy to the Minister of State for Petroleum Resources (Gas), Abel NSA and the Executive Secretary of the African Refiners & Distribution Association, Mr Anibor Kragha.
