By Sylvester Thompson
Minister of Science and Technology Dr Ogbonnaya Onu expressed optimism that Nigeria‘s accession to the International Energy Charter (IEC) would facilitate foreign direct investment in the energy sector.
Nigeria’s NAN news agency reports that the body’s composition was approved by President Muhammadu Buhari in 2016.
According to him, the summit seeks to highlight how Nigeria’s adherence to the International Energy Charter will enhance the growth and development of Nigeria’s energy sector for sustainable national development.
He noted that the energy sector was undergoing many transformations and that reforms within the sector were underway.
“Nigeria is gearing up for a post-crude oil era, domestic gas use is getting a lot of attention.
“Our methanol policy aims to increase the use of natural gas in the production of fuel and electricity.
“This will help stop gas flaring in the country, protect and preserve our environment as well as diversify the energy sector of our economy and we are also investing in research and renewable energy,” he said. .
The minister called for foreign and local investments to help build the infrastructure necessary for efficient exploitation of the enormous energy resources available in the country.
He also said the government provided incentives to encourage this investment, adding that the return on investment was very favorable.
He said energy sufficiency and sustainable economic growth in Nigeria can only be driven by active participation of the private sector as stated in the national energy policy.
“Thus, the Energy Investment Risk Assessment (EIRA) reports, which highlight the risks of investing in the Nigerian energy sector, also reveal the flip side that would minimize or eliminate the risks.” , did he declare.
He said these would include a report on investment climate and exceptions to national treatment, a membership report on energy efficiency and a report on the harmonization of national laws and regulations with ECT.
In his keynote address delivered virtually, Dr Urban Rusnak, Secretary General of the Energy Charter Secretariat in Brussels, said that the energy transition should be suitable for everyone and the need to save energy for the benefit of all.
“We need to work together to mobilize multi-stakeholder society to take action in Nigeria,” he said.
The highlight of the opening ceremony was the goodwill messages from the ministers of environment, oil, industry, trade and investment, among others.
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