By Fredrick Ameh
Energy expert and Chairman of International Energy Services Limited (IESL), Dr. Diran Fawibe has called for the establishment of a Nigerian Academy of Energy Economics to provide independent, evidence-based analysis on the country’s energy policies and investments.
Fawibe made the proposal when he received a Distinguished Fellowship Award from the Nigerian Association for Energy Economics (NAEE) in Lagos on Monday.
Delivering his speech, Dr Fawibe highlighted the importance of the establishment of the new academy noting that it is necessary to guide decision-making in a sector that accounts for about 90% of Nigeria’s foreign earnings and 50% of government revenue.
He said Nigeria currently lacks a peer-recognised, non-partisan body of energy economists to assess major policy decisions, including fuel subsidy removal, gas commercialisation, and energy transition financing.
“Energy decisions in Nigeria are too critical to be left to politicians, international oil companies, and government economists alone,” Fawibe said.
He noted that despite the scale of investments in the sector estimated at about $50 billion annually, there is no institutional framework providing independent economic analysis comparable to the roles played by the Nigerian Academy of Engineering and the Nigerian Academy of Science.
Fawibe said the proposed academy would offer confidential policy advisory services to key institutions, including the Presidency, National Assembly, Central Bank of Nigeria and regulatory agencies.
He added that the body would also host policy dialogues, publish annual reports on the state of energy economics, and provide rapid analysis following major policy announcements.
According to him, the academy would help improve transparency, strengthen policy credibility, and support long-term economic planning.
He also highlighted the role of leading Nigerian scholars and industry experts who could contribute to the initiative, noting that the country has the intellectual capacity to sustain such an institution.
Fawibe said the proposal reflects the need to insulate energy policy discussions from political influence and ensure decisions are guided by rigorous economic analysis.
He pledged his support for the implementation of the initiative, urging NAEE fellows to consider the proposal.
The NAEE Fellowship is one of the association’s highest honours, recognising contributions to the development of energy economics in Nigeria.
