- Calls for sector derisking to attract investors
The Nigerian National Petroleum Company Limited (NNPC Ltd) has called for the establishment of more local institutions in Nigeria and Africa to fund energy projects and address energy poverty.
According to Chief Corporate Communications Officer NNPC Ltd. Abuja Olufemi O. Soneye the Chief Financial Officer of NNPC Ltd, Mr. Umar Ajiya, made this appeal at the 23rd Nigeria Oil Gas Conference and Exhibition (NOG Energy Week) in Abuja on Wednesday.
During a panel session themed “Accelerating Investment, Enabling Industry Growth, Meeting Energy Demand,” Ajiya emphasized the need for local institutions like Afreximbank and the proposed Africa Energy Bank to finance energy infrastructure, especially as global financial institutions show reluctance due to environmental concerns. He highlighted that creating an enabling environment is crucial for attracting investment to tackle Nigeria’s energy poverty despite its abundant resources.
Ajiya pointed to the Petroleum Industry Act (PIA) and recent Executive Orders by the President as significant steps towards providing the necessary fiscal incentives. He stressed that creating an investor-friendly environment requires collective effort from government and citizens alike, including Immigration and Customs Officers, drivers, media, and the judiciary.
“There’s room for everyone to make sure that investment comes back to Nigeria,” Ajiya declared. He cited key energy projects like the Gwagwalada, Kaduna, and Kano Independent Power Plants as investment opportunities.
The panel, moderated by Ms. Oluwatoyin Aina, Group Head of Energy at First Bank, included prominent figures such as Mr. Eric Monchu Intong from African Export-Import Bank, Mr. Oluwole Adama from NMDPRA, Mr. Ade Adeola from Standard Chartered, Ms. Taiwo Okwor from Africa Finance Corporation, and Mr. Abayomi Salami from the Nigerian Investment Promotion Commission.
