Gbenga Komolafe,Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission (NUPRC),has said that over the next two decades, rapid population growth and industrialization are expected to drive strong energy demand growth across Nigeria and Africa.
He disclosed this at the maiden edition of PENGASSAN annual conference: Energy and Labour Summit, in Abuja.
“The picture is not totally gloomy, as projections show that over the next two decades, rapid population growth and industrialization are expected to drive strong energy demand growth across Nigeria and Africa—including for fossil fuels, which will result in an increase in job opportunities. Estimates show that the energy demand across Africa in 2040 could be around 30 percent higher than it is today, compared with a 10 percent increase in global energy demand” he added.
He emphasized the need for developing nations to be allowed to produce fossil fuels in a sustainable manner,adding that developing nations contribute a negligible amount to global carbon emission.
According to him,such considerations would allow developing countries to utilise the proceeds from fossil fuels to catalyse economic growth and shared prosperity based on the principle of a just energy transition.
He added:”Moreover, I believe that energy transition towards low carbon emission is valid, however considering the fact that developing nations contribute a negligible amount to global carbon emission, they should be allowed to produce fossil fuels in a sustainable manner and utilise the proceeds to catalyse economic growth and shared prosperity based on the principle of a just energy transition.
“Comrades, in its commitment to optimization of Nigeria’s gas resources, the Federal Government declared Gas as transition fuel towards a low-carbon future, which further re-enforced the fact that Nigeria is more of a gas rich than oil rich nation” he said.
He said that innovative approaches will have to be developed to attract investment to the oil and gas industry during this time of energy transition, adding that what is paramount at this time is for the nation to weigh her options and strengthen the resilience and sustainability of our resource base in other to build robust positions in the new energy businesses of the future