By: Peter Sonaike
A Professor Emeritus in Petroleum Economics, Professor Omowunmi Iledare on Wednesday 17th July 2024 has highlighted good governance, transparency, and accountability as essential steps towards optimal energy transition.
Professor Iledare made the submission while delivering a Keynote Address at the 2nd Edition of the Dr. Diran Fawibe Annual Lecture Series, held at the CBN Building, Faculty of Economics, University of Ibadan.
The theme of this year’s lecture was: “Disrupting the Energy Landscape in Nigeria.”
Professor Iledare of the LSU Centre for Energy Studies, USA, said ‘public-private-partnership is required in identifying and developing alternative energy sources’.
He advised the government to “engage experts to identify the best mix of energy resources and to work with the international community to establish and enforce environmental standards related to energy exploration and generation”.
“Energy is life, its consumption drives prosperity and sustainability. The world will continue to seek robust energy mix driven by economics, technology, policy, and good governance” Professor Iledare noted.
The Chairman at the lecture, Mr. Mutiu Sunmonu, Chairman of Julius Berger Nigeria Plc. said “gas is the disruption unfolding in Nigeria’s energy landscape”.
According to him, “unlike oil, which has historically been the focus of geopolitical conflicts, gas has largely been seen as a byproduct of oil extraction, often flared or reinjected”.
“Nigeria boasts the largest natural gas reserves in Africa and the ninth largest globally. According to the NNPC, untapped proven gas reserves stand at a staggering 202 trillion cubic feet, while production in 2023 was a mere 2.50 trillion cubic feet, illustrating how vastly underdeveloped this sector remains,” Mr. Mutiu Sunmonu explained.
He stated further that in December 2020, amidst the challenges of the Covid-19 pandemic, Nigeria’s gas revenues surpassed those from crude oil.
Mr Sunmonu said data from NNPC for the first quarter of 2022 show that while Nigeria earned $177.86 million from oil, revenue from gas feedstock to Nigeria LNG Limited reached $387.72 million, more than double the amount was realised from oil.
In his goodwill message, the Vice-Chancellor of the University of Ibadan, Professor Kayode Adebowale, was delivered by the Dean, Faculty of Basic Medical Sciences, Professor Oyeronke Odunola.
Professor Oyeronke reiterated that the University holds the man in whose name the lecture series was organised in very high esteem.
“Dr. Diran Fawibe as a great UI@75 Ambassador of whom the University is very proud” the Dean noted.
The Annual Lecture Series was jointly hosted by the Centre for Petroleum Energy Economics & Law (CPEEL) and International Energy Services Limited (IESL) at the University of Ibadan.
Credit -Directorate Of Public Communication, UI
