President Muhammadu Buhari attended the Nigeria International Energy Summit (NIES) to highlight his administration’s achievements in the sector, during which he spoke about major reforms made during his tenure. He stated that his first task was funding and incentivizing the sector, which he achieved by withdrawing the government from joint venture cash call funding.
At the event on sustainable energy, the President also highlighted the Petroleum Industry Act (PIA) as his top energy sector achievement. He called the law revolutionary and explained that, despite past challenges, the government swiftly replaced existing agencies with new regulators and transformed the NNPC to limited liability.
The president said NNPC is becoming Africa’s biggest and most profitable firm with its new brand. He declared natural gas Nigeria’s transition fuel, pushing for economic diversification and industrialization. Highlights include the launch of the Nigerian Gas Flare Commercialization Programme (NGFCP), the National Gas Transportation Network Code (NGTNC), and the declaration of Nigeria’s “Decade of Gas”. Progress was also made in infrastructure. We launched the $2.8 billion AKK natural gas pipeline project. The Ajaokuta-Abuja-Kano (AKK) project will transport 3,500 mcf of gas daily, generate 3.6 GW of power, and support industries. The 614km gas pipeline is 43% complete, and the private sector in the industry has been revitalized. Made room for local companies to benefit from IOCs’ divestment and boost their production from 2% to 30% since 2010. “We conducted a successful marginal fields bid round, resulting in 161 firms being awarded PPLs and generating N200 billion and $7 million for the government. Our administration prioritized ease of doing business and created a favorable environment for businesses to grow, evidenced by the emergence of major businesses during our tenure.” “The $5 billion NLNG Train 7 is a major construction project in Nigeria.” The Nigeria LNG Train 7 project will boost production by 35%, from 22 to 30 metric tons per annum. Additionally, the Dangote Refinery is proof of the administration’s commitment to improving the ease of doing business. Africa’s largest oil refinery, which will also be the world’s largest single-train petroleum facility once completed, will process 650,000 barrels of crude oil per day. This will transform Nigeria into Africa’s leading oil refining nation. Many modular refineries have also been launched during the current administration.
NNPC’s Group CEO, Mallam Mele Kyari, emphasized the company’s commitment to delivering reliable energy through the efficient use of hydrocarbons and alternative energy sources. He stated that oil and gas are important in the global energy mix, and the NNPC is creating more opportunities in both the supply chain and markets. Kyari said the NNPC is backing the government’s initiatives, as listed by the president. NNPC is investing in gas infrastructure to support domestic gas utilization and power generation. The Permanent Secretary for the Ministry of Petroleum Resources, Gabriel Aduda, spoke at a summit where stakeholders shared knowledge and discussed industry challenges and opportunities. The speaker noted that rapid change, new technology, shifting geopolitics, and changing global energy demands define our era, with energy playing a critical role in shaping the world. Additional speakers included the secretaries general of OPEC, APPO, and GECF, as well as the chairman of the Independent Petroleum Producers Group (IPPG).
