The Group Managing Director, NNPC Limited, Engr. Mele kyari, on Wednesday insisted that Africa must develop at its own pace and not be stampeded into transitioning to cleaner energy.
This is as pressure continues to mount for the descalation of concentration on fossil fuels.
Kyari stated this during his keynote address at the commencement of a session tagged: “Changing Strategies for the Future of NNPC” at the ongoing fifth edition Nigeria International Energy Summit (NEIS 2022), in Abuja.
He said that the engine of the growth would be local companies with strong governance, technical, commercial capacity, and capability to transform resources to energy, adding that the country has have come to the consensus that energy turns the wheel of prosperity forward.
According to him, “I am delighted to back here again. Over the past few days, we have dissected the industry, the challenges, both current and emerging ones and discussed extensively the place of Africa in the energy transition debate.
“To my mind, the pathway is clear; Africa must develop at its own pace. The engine of this growth would be local companies with strong governance, technical, commercial capacity, and capability to transform resources to energy and we have come to the consensus that energy turns the wheel of prosperity forward.
He said, Nigeria is demanding solutions for more energy which must be delivered in new and better ways for a low carbon future.
Kyari said: “To achieve this, I would quickly highlight the framework or premise of the strategy. Let me reiterate that our strategy is crafted to keep us resilient and competitive in a fast-changing world despite the increase in market volatility.
“The growth of the gas business and Low carbon intensive oil remains the focus. we would invest in more oil and gas, however with increased efficiency in production.
“The investment in gas infrastructure to harness the gas resources both for domestic and export market is already underway. We are building gas super-highways to connect gas sources to both existing and new markets. My vision is to see NNPC emerge as one of the Top 5 Gas companies within the next decade.
“The new NNPC is focused on market-led growth in the midstream and downstream business. By taking forward looking and integrated investment approach, we would convert oil and gas to useful products (Petchem, refining, fertilizer, and chemicals). Our partnerships will be designed to Innovate with advanced products, increase retail market footprints through strategic retail partnerships. NNPC will be a part of Every home, workplace, and industry .
“More importantly, NNPC limited is a modernized organisation. The simplification of our processes, deployment of new thinking paradigm through the organisation and digitization takes the center stage. We are expanding the role of research and innovation, dedicating a fixed share of our revenues to enable us to contribute to the energy transition debate from a pragmatic and business solution perspective” he added.