3 weeks ago
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The Nigerian Association for Energy Economics (NAEE) has called for localised solutions arsenic Nigeria navigates its vigor reforms against rising planetary geopolitical tensions.
Speaking astatine the 18th NAEE/International Association for Energy Economics (IAEE) Annual International Conference, experts emphasised the request to tailor vigor policies to Nigeria’s unsocial realities portion safeguarding susceptible populations during the ongoing reforms.
Former NAEE president Prof. Adeola Adenikinju, portion commending President Bola Tinubu’s macroeconomic policies arsenic robust and forward-looking, nevertheless stressed that the reforms indispensable see extortion for Nigeria’s susceptible groups, cautioning that markets unsocial cannot guarantee their welfare.
Delivering a keynote code astatine the conference, Dr Adenikinju further highlighted the necessity of investing successful infrastructure and expanding entree to affordable electricity, peculiarly done star vigor and greater availability of Liquefied Petroleum Gas (LPG).
He said, “The authorities is doing good regarding macroeconomic policies and stability. However, successful this benignant of reform, you indispensable besides find a mode to place the susceptible groups and spot however you tin support them. The marketplace volition not bash that for you.”
In his recommendation, Adenikinju underscored the request to fortify Nigeria’s infrastructural basal and called connected the authorities to guarantee that each Nigerians person entree to affordable energy done the deployment of star energy.
Besides, helium called for removing barriers to home state entree to heighten the organisation and usage of Liquefied Petroleum Gas (LPG). He stressed that portion the existent reforms are necessary, their interaction connected the anemic indispensable beryllium considered.
Also, the caput wide of the African Petroleum Producers Association (APPO), Dr Farouk Ibrahim, stressed that fossil fuels volition stay captious for Africa contempt planetary vigor modulation pressures.
He warned against uncritical adoption of planetary vigor dogmas, noting Nigeria’s existent vigor insecurity and constricted mastery of existing powerfulness technologies.
Ibrahim argued for a balanced attack that reflects Africa’s economical and technological realities.
He maintained that hydrocarbons could not beryllium easy phased retired and that the committedness of renewable vigor remains acold from realisation wrong the projected timeline, fixed the respective challenges to its adoption.
According to him, portion vigor modulation remains a captious speech globally, Africa’s unsocial realities necessitate a balanced attack that does not undermine the relation of fossil fuels successful the continent’s development.
Themed: “Emerging Geopolitics of the Energy Landscape – Navigating Global Shifts and Their Impacts connected Developing Economies,” the lawsuit brought unneurotic policymakers, academics, and manufacture leaders to sermon sustainable strategies for vigor improvement amid shifting planetary dynamics.
Ibrahim added, “As leaders successful Africa’s vigor industry, I anticipation this important admittance by the IEA encourages america to beryllium much captious successful accepting dogmas presented arsenic technological facts. If Africa fails to nutrient the components it needs, whether successful renewable oregon accepted energy, it volition stay independent.
“My archetypal point, therefore, is this: immoderate the absorption of the planetary vigor transition, we indispensable recognize its economical implications for Nigeria. The word ‘transition’ implies moving from 1 strategy to another. But earlier we tin move, we indispensable archetypal maestro what we presently have.
“Right now, we are vigor insecure. Our powerfulness systems stay fragile, and our mastery of adjacent the existing technologies—alternating and nonstop existent systems—is inactive limited.”
Representing IAEE president Edmar Fagundes, Prof. Omowumi Iledare reiterated the value of evidence-based dialog and called for an vigor aboriginal for Africa that prioritises affordable access, concern competitiveness, and intergenerational equity alternatively than mimicking European models.
The main enforcement of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, highlighted however the ongoing conflicts successful Eastern Europe and instability successful the Middle East deepen planetary vigor volatility. He explained that for Nigeria, these geopolitical shifts contiguous some challenges—such arsenic marketplace instability and concern constraints—and opportunities to leverage its earthy state resources, quality capital, and strategical presumption to foster sustainable growth. Ahmed urged that Nigeria’s vigor modulation indispensable beryllium rooted successful realism, resilience, and responsibility, adapting planetary frameworks to section circumstances.
“For processing economies similar Nigeria, these planetary shifts bring some challe...
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