…Rallies oil industry leaders, stakeholders for conversations on energy transition

Top energy industry leaders and experts are expected to converge in Lagos on October 3, 2024, at the Association of Energy Correspondents of Nigeria (NAEC)  Annual International Energy Conference 2024.

The organiser revealed that the conference will focus on the role of natural gas as an energy transition fuel, addressing Nigeria’s Trilemma of Finance, Energy Security, and International Politics.

The National Chairman of NAEC, Ugo Amadi,  in a statement signed and released to the media on Monday stated that the captivating lineup of activities for the association’s 2024 conference, promises to tackle Nigeria’s most pressing energy challenges head-on.

Amadi said the conference’s main theme, “Gas as Energy Transition Fuel: Navigating Nigeria’s Trilemma of Finance, Energy Security, and International Politics,” was carefully curated to address the critical national discourse and provide strategic solutions to guarantee Nigeria’s energy security and sustainable future.

He said, “The conference will feature a dedicated session on “Actualizing the Decade of Gas: Powering Nigeria’s Energy Sufficiency, Industrialisation, and Economic Prosperity,” and other sessions that  will talk about  the pivotal role of natural gas in driving Nigeria’s energy sufficiency, industrialization, and overall economic prosperity.

The NAEC Chairman further emphasised that the third session of the conference with the topic: “Solving the Gas-To-Power Debacle: Unlocking Investments For NESI, Analysing Tariff Adjustment, Frequent Grid Collapses, and 6,100 MW Target by December for Sustainable Growth.”

He noted that the session promises to tackle the longstanding challenges in the gas-to-power sector, unlocking investments, addressing tariff adjustments, and achieving the ambitious 6,100 MW target for sustainable growth.

Amadi emphasised that the 2024 Conference, marking the inaugural edition under his new leadership of NAEC, would serve as a pivotal platform for influential figures to exchange insights, knowledge, and peer-reviewed analyses concerning the opportunities and challenges confronting the diminishing investments in Nigeria’s energy sector.

Meanwhile Adeola Yusuf, Chairman of the NAEC 2024 Conference Committee, in his remark revealed that the upcoming conference promises to be a game-changer for the Nigerian energy industry.

According to Yusuf, the conference would bring together a diverse array of players, including ministers, CEOs, industry captains, regulators, lawmakers, and other key stakeholders, adding that with the participation of industry leaders and experts, the event promises to deliver actionable insights and innovative strategies to propel the sector forward.

He further added the conference would be a catalyst for unlocking investments, enhancing energy security, and driving sustainable development in Nigeria’s energy landscape.

The Abuja Electricity Distribution Company (AEDC), has blamed faulty feeders for the power outage being experienced in parts of Abuja, the Federal Capital Territory.

In a statement on Monday, the company identified the feeders affected to include L36, H23, H33 and 8.

The company noted that the faulty feeders affect power supply in Apo Mechanic Village, Waru  Village and its environs, Jabi, Parts of Utako, Life Camp, Kado, Efab, Zango Daura, and Mbora Estates and its environs was also affected.

The statement by the company reads, “This is to inform residents in parts of Abuja that the power outage currently being experienced is due to technical fault on feeders L36, H23, H33 and 8 respectively.”

“Locations affected: are feeder L36-Entire Idu industrial, CITEC Estate, Efab Global, Babaginda Estate, Nizamaye Hospital and its environs.”

“FH 23-Airport, River Park, Shoprite, NIPCO, Dunamis Church, NIGCOMSAT and its environs,” it said.

The company further assured consumers that its technical team is working tirelessly to rectify the fault and restore power supply as quickly as possible and regrets any inconvenience caused.

President Bola Tinubu has wooed the CEO of Samsung to take advantage of Nigeria’s infrastructure deficit for investments.

Speaking during a meeting on the margins of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development with the President and Chief Executive Officer of Samsung, Hong Namkoong, and the Chairman of Samsung Investment Global, Jungwook Kim, President Tinubu said, “We have an infrastructure deficit and you can take advantage of that and invest early and deeply in an environment that is absorptive and ready for it. It is modeled after a willing-buyer and willing-seller arrangement. Easy capital in and easy capital out.”

‘’Nigeria is a very huge country with a huge and able population. We have vibrant youths ready to learn and progress. In fact, our young do not wait for us. They go ahead of us in their determination to succeed. We must keep up and provide opportunities for them to excel with.” Tinubu said.

The President also took time to detail the significant opportunities across sectors for investment within the Renewed Hope Infrastructure Development Fund, which involves the potential utilization of co-finance instruments on critical infrastructure and technology which Samsung is well known to produce.

President Tinubu further harped on the importance of deepening collaboration in the crude oil, natural gas, renewable energy, engineering, technology and agriculture sectors, emphasising the potential for vast private sector participation in the establishment of fully-embedded, off-grid, cold-chain integration across sub-industries in the agriculture sector to forestall post-harvest losses with mass refrigeration capacity.

‘’We are ready to discuss and discover one another more. We can benefit so much from collaborative effort. You have the know-how, and we have the willingness. Seize this opportunity,” the President told the Samsung executives.

Responding, the Samsung Chairman Kim expressed Samsung’s interest in expanding its presence in Nigeria, citing the successes of sister companies already operating in the country while laying out potential new opportunities in Nigeria.

‘’We have built many power stations around the world. We are top of the class in gas-fired power plant construction. We have an ever-increasing portfolio in the production of renewable energy solutions around the world. We can make a lot of progress in Nigeria’s energy sector as well as bringing our technology to other key productive sectors.

‘’Transmission lines and smart grids are areas where we see increasing demand globally. You need infrastructure anywhere you go. We are good at metropolitan rail lines; we are good at bridge construction and any of these types of infrastructure projects, in addition to oil and gas engineering projects.

“We are looking forward to knowing Nigeria better under your leadership and to see how we can penetrate the Nigerian market deeper. This is a great opportunity for us,” Mr. Kim concluded.