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Global Energy Show: Amb.Aduda restates the Nation’s Preparedness for Foreign Direct Investment

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Global Energy Show: Amb.Aduda restates the Nation’s Preparedness for Foreign Direct Investment

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Permanent Secretary of Nigeria’s Ministry of Petroleum Resources,Amb.Gabriel Tanimu Aduda,has restated Nigeria’s commitment to engage with the global community and energy stakeholders on the diverse issues confronting the sector globally.

Aduda,who attended the prestigious Global Energy Show held earlier last week in Calgary, Canada, as a special guest, equally, highlighted Nigerian government’s focus on gas as a transitional fuel and the nation’s openness to discussions on the present and future of energy transition.

The visit, which took place on June 13, 2023, focused on fostering collaboration opportunities and advancing Nigeria’s interests in the energy sector.

During a Private Roundtable Discussion with Premier Danielle Smith of Alberta and select industry leaders, Amb. Aduda joined in critical deliberations on the present and future of energy transition, decarbonization commitments, net-zero emissions, and emerging technologies.

The discussions were centred around energy safety, affordability, security, and sustainability across the value chain.

Ambassador Aduda expressed Nigeria’s willingness to collaborate with Alberta, highlighting the increasing number of Nigerian expatriates already contributing to the Oil and Gas Industry in the province.

He emphasized Nigeria’s interest in capacity enhancement and the adoption of carbon capture and storage technologies.He,also, drew attention to the ongoing Extractive Resource Governance Programme at the University of Calgary, School of Public Policy, which has designed a curriculum that aligns with Nigeria’s Petroleum Industry Act of 2021, the piece of legislation governing the country’s oil and gas sector.

In a meeting with the Nigerian Business Community in Alberta, led by Deputy Minister of Trade, Immigration, and Multiculturalism of the Province of Alberta, Dr. Akolisa Ufodike, Amb.Aduda discussed making Nigeria an attractive investment destination amid the global shift away from carbon-based fuels.

The meeting highlighted the similarities between Nigeria and Alberta and expressed optimism regarding the energy transition agenda.

All participants agreed on the need for Nigeria and Africa to define their terms of engagement with the world in terms of energy transition and carbon neutrality.

Aduda reassured the community that Nigeria is prepared for investment, citing the recent removal of subsidies in the downstream petroleum sector and the government’s focus on gas as a transitional fuel,both of which present significant opportunities for businesses in the sector.

He also highlighted the establishment of the Midstream Gas Infrastructure Fund and a ₦250 billion-naira Central Bank of Nigeria Intervention Fund facility dedicated to gas expansion and domestication initiatives.

Amb. Aduda participated in a ministerial panel discussing the integration of sustainability into energy strategies for producers and buyers. When asked about the challenges posed by the recent global energy market turmoil resulting from the Russian invasion of Ukraine, Nigerian Petroleum Ministry’s Permanent Secretary underscored the nation’s concerns, particularly regarding the volatility and uncertainty in oil prices.

He revealed that Nigeria heavily depends on oil exports for revenue generation and that any sharp decline in prices is detrimental to the country’s economy. He emphasized the disruptions in global energy supply chains and the geopolitical tensions surrounding energy resources, which pose threats to Nigeria’s energy security.

The Nigerian Governor of OPEC also stressed the importance of ensuring a stable and reliable energy supply to sustain economic growth and meet the energy needs of Nigeria’s rapidly growing population.

Furthermore,in a bilateral meeting with Jozef Sileka, the Czech Republic Minister for Trade, discussions focused on the Czech Republic’s interest in establishing a government-to-government business agreement with Nigeria to enhance their access to oil and gas resources through new partnerships and suppliers.

Amb.Aduda assured the Czech Minister of Nigeria’s openness to engagement and recommended submitting an official request through the Czech embassy in Nigeria, outlining their requirements. He also assured of the government’s willingness to proceed with the necessary steps from there.

Overall, Amb. Gabriel Tanimu Aduda’s engagements at the Global Energy Show showcased Nigeria’s commitment to exploring collaborative opportunities, promoting sustainability, and safeguarding its energy security. Nigeria remains dedicated to defining its own pace for energy transition, decarbonization, methane emissions reduction, while simultaneously developing sustainable energy infrastructure.