African Reserves

Fuel Bill to Boost Nigeria: Africa Energy Week in Cape Town commits to fostering collaboration, investment and deal-making in the energy sector in Nigeria

NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC) ( recently paid a working visit to Nigeria with the sole mandate of expanding cooperation, reaffirming essential energy partnerships and promote the country as a premier investment destination, backed by the recently passed Petroleum Industry Bill (GDP) and the Decade of Gas initiative. By reiterating the value of Africa Energy Week (AEW) 2021 held in Cape Town as a platform through which Nigeria can facilitate impactful energy deals, commercialize the country’s reformed energy sector and attract investor interest regional and international, both ACS and AEW 2021. remain committed to boosting investment and related transactions in Nigeria.

Supported by the country’s recently passed Oil Industry (GDP) Bill, the ‘Gas Decade’ initiative and prioritization of local content, Ayuk’s visit to Nigeria included meetings with leaders. industry, including HE Chief Timipre Sylva, Minister of State for Petroleum Resources. , and officials from the Petroleum Resources Department (DPR); private sector executives; and national oil companies, including representatives of the Nigerian National Petroleum Corporation. As Nigeria promotes being officially open for business, AEW 2021 serves as the perfect platform to market the country, bringing together international investors with lucrative Nigerian opportunities.

In particular, the visit aimed to highlight the role of Nigerian oil and gas developments in order to attract the interest of international investors for new and existing projects. Through meetings with marginal field producers, NNPC and DPR, Ayuk opened a discussion on the role of oil and gas in Africa’s energy transition, drawing attention to the value and competitiveness of African projects. Showcasing the country’s new and existing oil and gas projects – such as the $ 2.8 billion, 614 km Ajaokuta-Kaduna-Kano pipeline and Nigeria’s $ 10 billion liquefied natural gas project 7 – Nigeria and AEW 2021 aim to boost investment focused on oil and gas. , developing the Nigerian sector and accelerating long-term socio-economic growth.

Meanwhile, with the country’s Gas Decade initiative – a comprehensive strategy to improve the monetization and use of gas through a number of large-scale projects – topping the country’s energy agenda in 2021, a meeting with HE chef Timipre Sylva served to promote Nigerian gas. industry, the Minister declaring his ambition to strengthen gas-focused investments, accelerate growth in the sector and in the economy at large. As part of the Decade of Gas initiative, Nigeria has pledged to fully exploit its natural gas reserves – which are the largest in Africa, estimated at 206.53 trillion cubic feet – and therefore prioritize gas to electricity conversion projects and associated developments. HE Chief Sylva remains committed to investing in energy and has confirmed that the upcoming AEW 2021 will serve as the ideal platform to strike deals that will kick off Nigeria’s Gas Decade made possible by adoption of GDP.

Ayuk’s meeting with the Minister also focused on the benefits initiated by GDP, reiterating the role this progressive legislature will play in boosting investment in Nigeria. The recently adopted GDP will pave the way for an influx of international energy investments across the Nigerian value chain, creating an enabling environment for international stakeholders, in which reduced taxes and charges coupled with exemptions of the hydrocarbon tax for deep offshore oil and gas production has positioned Nigeria as one of the most competitive investment destinations in Africa. As a result, GDP has not only completely overhauled the country’s regulatory structure, but has significantly increased its attractiveness, serving as a catalyst for new investments that will spur growth in the wake of the COVID-19 pandemic. AEW 2021 will showcase Nigeria’s post-GDP opportunities with the aim of boosting investment and closing deals.

“Nigeria is open for business. The adoption of GDP coupled with demonstrated political will has underscored and reaffirmed the enabling environment of the country and we can expect an increase in regional and international partnerships and investments. AEW 2021 will work hard to promote Nigeria as a premier investment destination, with the Nigerian delegation providing valuable insight into new and existing project developments and opportunities. There are many deals to be made in Nigeria and AEW 2021 will be the perfect place to do them, ”Ayuk said.

In addition, meetings with Nigerian service companies led to a discussion on the role of local businesses and the private sector in Africa’s regional energy growth and energy transition. With a focus on the role that Nigerian companies can play in regional markets – including, but not limited to Angola, Gabon and the Republic of Congo – Ayuk and the Minister both promoted the Nigerian business value by sharing valuable experience, showcasing successful projects and, therefore, driving growth across the region. Increasing Nigeria’s footprint in regional markets will not only initiate regional growth, but will open up many investment opportunities for Nigeria and the region at large.

Regarding Africa’s energy transition, Ayuk’s visit opened a dialogue on Nigeria’s pragmatic approach to energy transition, highlighting the value of a tailored and Nigeria-focused strategy to achieve net zero emissions by 2050. Meetings with the NNPC, Minister and RMR included in-depth conversations on the role of oil and gas in Africa’s energy transition, recognition of the private sector as a key driver and the need for a multi-stakeholder approach. AEW 2021 will expand on this narrative, highlighting the fact that Africa’s energy transition is market-based and cannot conform to Western ideologies. On the contrary, Nigeria and AEW 2021 will demonstrate how an Africa-centric approach is most appropriate to initiate an energy transition while ensuring energy poverty reduction and economic development.

Serving as a prelude to AEW 2021, Ayuk’s visit to Nigeria introduced valuable talking points that will be further explored during AEW 2021. With a strong delegation of industry leaders, executives from the private sector and representatives of national oil companies, coming to Cape Town in November, led by HE Chief Timipre Sylva, AEW 2021 includes the official platform through which agreements regarding Nigeria’s energy sector will be made. The ACS and the ministry are both fully committed to boosting investment in Nigeria, facilitating deal making, networking and collaboration.

The First Africa Energy Conference is fully engaged in African narratives, African people and African energy. Register for AEW 2021 and gain valuable insight into some of Africa’s most competitive markets.

Distributed by APO Group on behalf of the African Energy Chamber.

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