Energy Correspondents have congratulated the newly appointed energy ministers on their appointment- the Minister of Power, Chief Adebayo Adelabu; the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo; and the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri; and also pledges to work with them.
This is in a statement by the Association of Energy Correspondents of Nigeria, NAEC, signed by its Chairman, Olu Philips on Wednesday in Lagos.
Mr Phillips noted that the news of the appointment of these energy ministers was a cheery one, owing to their antecedents to deliver viable results in their past endeavours.
According to Philips, “Nigeria’s Energy sector is grappling with many challenges that requires the quick intervention of the ministers to meet the aspirations of President Bola Tinubu’s “Renew Hope” agenda”
He noted that with the rising global energy demand, highly volatile prices and increasingly stringent environmental regulations, the oil and gas industry faces many challenges, and must ensure reducing costs, optimise the performance of its industrial assets, and improve its environmental footprints.
The Association also highlighted the pressing need to walk the talk as regarding implementation of the Petroleum Industry Act, identify its lapses and correct same accordingly.
“The association enjoins the ministers to ensure the revival of the nation’s refineries, and conserve the scarce foreign exchange the country is currently using to import products into the country”, he said.
The Energy correspondents also listed several recommendations, including:
- Resuscitating the moribund refineries and creating enabling environment for construction of new ones.
- Conscious efforts to ensure that Nigerians benefit from the purpose for which the Subsidy Removal was yanked off.
- Reduction in domestic gas prices, which would boost consumption, and construction of more gas infrastructure
- Increase in Power Generation and infrastructure; effective metering of homes, good tariff systems and estimated billing
“The downstream sector should be strengthened through promotion of ease of doing business and other viable mechanism, and efforts should be in the top gear to explore salutary means to stop gas flaring”, he said.
The need to also resolve pipeline vandalism, crude oil theft, oil spills in Niger Delta, , pollution, insecurity, fuel pricing, Inadequate pipeline Infrastructure, good regulatory framework, attracting more investment deep offshore and others, were also pointed out.
Mr. Philips further assured the ministers that NAEC was willing to work with the Petroleum and Power Ministries, to ensure the achievement of their set goals.
“NAEC is on standby for any collaboration that will guarantee the success of the ministry’s endeavours as the Ministers of State for Petroleum Resources (Oil) and (Gas) and Power settle down for work.
“It is our hope that by our collaboration, the industry and the supervising Ministry would be a reference point in the minds of Nigerians both at home and abroad,” he concluded.