The key to resolving the paradox of endemic energy poverty in the midst of abundant energy resources in the country is to create an enabling environment to aggressively attract investment into the energy sector.
This was the submission of the Chief Financial Officer, Nigerian National Petroleum Company Limited , Umar Ajiya, while speaking at a panel session at the 23rd Nigeria Oil Gas Conference and Exhibition in Abuja, yesterday. The session had as its theme: “Accelerating Investment, Enabling Industry Growth, Meeting Energy Demand.”
According to the CFO, in the face of the reluctance by global financial institutions to finance oil and gas projects as a result of environmental concerns, there was need for the development of more institutions like Afreximbank and the proposed Africa Energy Bank to finance energy infrastructure projects. He therefore called for the establishment of more local institutions in Nigeria and Africa with capacity to provide funding for energy projects to tackle energy poverty.
Ajiya also contended that the task of creating an investor-friendly environment was not for government alone, stressing that citizens, right from the immigration and customs officers who are usually the first point of contact for would-be investors at entry points into the country, to the driver who conveys them to hotels and meeting places and even the media and the judiciary, by their respective conduct, influence investors’ perception of the country.