An Emeritus Professor of Petroleum Economics at LSU Centre for Energy Studies, USA, Prof. Omowumi Iledare, said the Federal Government needs to embrace a transition framework that balances energy security, equity and sustainability.
Iledare, a keynote speaker at the 2nd Edition, Dr Diran Fawibe Annual Lecturer Series, stated this in Ibadan on Wednesday while speaking on the theme “Disrupting the Energy Landscape in Nigeria.”
The lecture was organised by International Energy Services Limited, the Centre for Petroleum Energy Economy and Law (CPEEL) and the University of Ibadan.
Iledare stated that decarbonisation which would be a fundamental restructuring of the global energy system would create challenges and opportunities worldwide including in Nigeria.
He said it was crucial to reduce fossil fuels identified as the primary source of greenhouse emissions; hence the disruption of the energy landscape in a petroleum-dependent economy like Nigeria.
Iledare said the pathway for Nigeria to meet the set 2060 carbon emissions net-zero target, which is green energy adoption, was to find the best pathway to disrupt the energy landscape.
He stated that Nigeria must adopt a transition pathway to safeguard energy affordability, availability, acceptability and accessibility in the long run.
“Nigeria, which is energy poor has anxiety and rightly so, that abandoning its fossil fuels for renewables, will more likely than not reduce the ability to supply reliable and affordable energy to households and commercial users,” Iledare said.
He cautioned against disrupting the present energy system in Nigeria without adequate planning ahead.
The keynote speaker charged the academia to come to its rightful place to proffer solutions that would ensure sustainable development for Nigeria.
In his opening remarks, Mr Mutiu Sunmonu (CON), the Chairman of the occasion and Chairman, Julius Berger said the topic of discussion was apt for Nigeria at this time.
He said: “It is important for industry, professional and academia to have a full understanding of the energy transition based on facts and science and not emotive arguments.”
In his address, the Chief Executive Officer, International Energy Services Limited (IESL), Mr Bayo Ige said there was a need for more collaborative efforts to ensure a robust shift in the energy sector.
“IESL is making a good effort to bring everybody together but we cannot do it alone, the academia and industry players as well as the government must come to the roundtable to achieve a good result,” Ige said.
In his remarks, the honouree, Dr Diran Fawibe, said he believed that the academia and the industry must collaborate for sustainable growth in Nigeria.
Fawibe, a Chairman of International Energy Services Ltd, noted that the development in the developed countries was due to collaboration between the universities and industries in those countries implementing research findings.
He, however, said that the government cannot fund universities alone calling on the industries and well-meaning Nigerians especially alumni to support universities in Nigeria.
