Oluchi Chibuzor
The key to Nigeria’s prosperity lies in its abundant natural gas reserves which are backed up by sustainable industrialisation, the CEO of Tetracore, a Diamond Sponsor at the 2023 NOG Energy Week,Olakunle Williams has said.
Williams who reiterated this in his presentation during the NOG Energy Week, added, “Usually, collaboration among local, regional, and continental investors is the key to achieving this success.”
He emphasized the urgent need for investment to achieve tech integration and advancement in Africa’s gas industry, thereby unlocking energy potential and paving the way for cleaner access and generally cleaner society.
The NOG Energy Week, Subsharan’s biggest energy conference that brougt together policymakers, stakeholders, and energy leaders around the globe across the entire oil, gas, LNG, renewables, power, and energy spectrum to discuss the industry’s most immediate challenges and ambitions to achieve energy security for the nation while navigating the journey towards a secure, sustainable and just energy transition for Nigeria.
Williams during his presentation on, “Exploring Emerging Opportunities for Future Energy Demand,” analyzed the three significant challenges people face in a bid to get access to affordable and clean energy on the continent, including availability, affordability, and sustainability.
Leveraging on the reality of the African energy security scenario, he stated, “These factors continue to hamper the development of African economies despite the presence of sufficient energy resources on the ground.”
He further showed how Tetracore’s impact on the gas utilization initiative has influenced industrialization and energy access. In his presentation, he brought to the fore the importance of Tetracore in aiding the utilization of gas as over 2,000 jobs were created by the industries the company supplies gas to, and about 60% of energy costs are saved with a significant reduction in harmful air emissions”.
One of the backing points in this presentation is that, “a huge energy deficit continues to remain in Africa, despite being home to abundant energy resources thereby inhibiting its growth potential in industrialization. 1 out of every 3 people born between now and 2040 would be Africans and as our population grows, the energy demand would increase.
“As Africa’s share in global manufacturing grows from its current 1.9 per cent, industrialization willincrease demand for reliable energy. Population growth and industrialization policies promoted by several African markets, including Nigeria, will also drive the energy demand, and a need for additional funding and technology adoption for the African gas sector then becomes very crucial.
“The opportunity presented by this growth for African energy companies to deliver integrated solutions to the continent’s industries and households must be approached diversified energy mix. In countries like Nigeria with over 200 Tcf of proven gas reserves, opportunities abound to leverage recently adopted legislation such as the Petroleum Industry Act and the Electricity Act to grow the natural gas value chain.”
Olakunle added that, “Our abundant and cheap natural gas reserves make gas the fore-front energy fuel to support the continent’s sustainable industrialization. The development of midstream and downstream gas infrastructure, including LNG terminals, could support the growing energy demand in Africa while meeting the supply gap globally.”
For Africa to make the best of its abundant energy resources, he recommended that key sustainable provisions be put in place, adding that, “These include technology transfers and adoption, especially to decarbonize the gas value-chain with carbon capture and storage, but also investments into research & development to stay ahead of industry trends.
In a concluding speech, the CEO recommended stronger cooperation between local, regional, and continental investors to unlock funding and meet the growing energy needs of the continent and incentives to be put in place to unlock domestic sources of capital, including from institutional investors.
