The endorsement came at the second yearly Seplat Energy Summit in Abuja, themed, “Global Trends in Energy Transition: the African Perspective.”
The Chairman of Seplat Energy Plc, A.B.C. Orjiako, said the change reflects the company’s belief that the greatest opportunity ahead is to supply the right mix of energy for Nigeria’s rapidly growing population. The move, he said, would make sure the environment is protected. He also announced tree-planting initiative, which would commence soon, with the attendant benefits of youth employment and cleaner environment.
He also stressed the relevance of the summit, stating: “Over the next decade, every segment in Nigeria will be affected by this shift in energy supply and demands.” Sylva also seized the opportunity of the summit to restate Federal Government’s commitment to deregulation, stating that government had no option but deregulate fully the downstream petroleum sector.
Government is in the process of fully deregulating the downstream petroleum sector which will end subsidies and free up funds for national development, including investment in renewables which will be part of the energy mix that ultimately powers our economy,” he said, even as he announced rejection by the Federal Government of a single pathway to energy transition and opted for multiple approaches.