The Abuja Chamber of Commerce and Industry is advocating more private sector investments in cleaner energy sources to enable Nigeria achieve its energy transitioning agenda.
The President of the Chamber, Dr Al-Mujtaba Abubakar said this on Tuesday at the opening session of the second World Energy Day (WAD) conference.
The conference with the theme, “Energy Security and Sustainability in Oil and Gas Sector,” was organised by the National Chamber Policy Centre (NCPC) of the ACCI.
Represented at the event by the Vice President of the Chamber, Chijioke Ekechukwu, he said this edition of World Energy Day Conference is a follow up to the first edition which drew the attention of stakeholders in the energy sector that discussed issues surrounding the global energy sector.
He said, “Energy security as we all know is the uninterrupted availability of energy sources at an affordable price which has many aspects: long-term energy security mainly deals with timely investments to supply energy in line with economic developments and environmental needs.
“Nigeria has been pursuing energy transition in order to promote economic growth and is gradually investing in renewable energies; primarily solar, in order to reduce carbon emissions whilst continuing to exploit hydrocarbon resources, especially natural gas, the energy transition fuel for Nigeria.
“Energy transition will continue to impact the ability of Nigeria and oil and gas companies to attract capital as banks and investors prioritise environmental, social and governance (“ESG”) factors and move away from funding hydrocarbon projects.”
He expressed optimism that after the conference, there would be a better understanding of business opportunities within the energy sector; better appreciation of government’s efforts to develop the sector; improved private sector investment in clean energy; and new insights on national policy on energy transition.