This implies Nigeria needs additional 195,400 megawatts to meet its electricity needs, because it generates an average of 4,600MW for a population of 200 million.Abdul said: “Based on international standards of 1 GW to one million people, the country is expected to, at least, generate 200GW to give the population better access to electricity.”
She expressed hope that the new Electricity Act would pave way for more investment into the sector to allow states to generate, transmit and distribute their electricity. Speaking on the theme, “Nigeria’s Energy Transition: Enhancing investment opportunities & addressing challenges in the energy sector”, Avuru said Nigeria should focus more on energy security and optimise the value of its oil and gas resources before committing to its energy transition agenda.
He underlined the need Nigeria should prioritise energy security for both now and in the future and optimise the value of the numerous energy resources that it has today, while still pushing the energy transition agenda. The Commission Chief Executive, Gbenga Komolafe said this intervention at the conference, represented by Abel Nsa, Head of the National Oil and Gas Excellence Centre Department, NUPRC, said the initiative aims at ensuring that crude oil and gas cargoes exported from Nigeria have a unique identifier that confirms all documentation as regards the exported consignment.
Quick-win strategies such as our aggressive drive to reactivate shut-in and declining wells will boost production prior to the onset of more long-term initiatives like operations from the new marginal field awardees. Also, the Commission is working alongside security operatives to bring a halt to the menace of crude oil theft, which has over the years contributed to a huge loss of production,” he said.
On reduction in unit cost per barrel and revenue, he explained that the Commission is committed to ensuring a significant reduction in the cost of doing business in the upstream petroleum industry.
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