By John Meze
Investors in the Nigerian oil and gas industry are fine-tuning their skills geared towards joining the world’s teeming drive to cleaner energy.
According the Chairman, Major Oil Marketers Association of Nigeria(MOMAN), Mr. Tunji Oyebanji, who spoke to Journalists, recently, via Zoom Conference, members of the association have invested in facilities for Liquefied Petroleum Gas(LPG), another form of cleaner energy.
The chairman who revealed this while answering question on how prepared the industry players in the country are repositioning to be part of the energy transition that is looming globally, further stated that technology is driven by economic demand.
“How many people are using old cameras with film again? If Nigeria wants to remain in the stone age that is their problem, the world is moving on. We really need to get out of this sentimental view of things. The world will leave us by and we will suffer” he added.
“As technology continued to be driven by economics, global energy stakeholders have intensified efforts toward transiting from fossil to cleaner energy in the next 15 years,
“MOMAN in collaboration with the Department of Petroleum Resources, DPR, have identified 9,000 dispensing outlets nationwide for LPG facilities that will deepen the use of Autogas” Oyebanji said.
Speaking on the deregulation of the downstream Sub-Sector, the MOMAN chairman, said that though the government had made a policy statement to fully deregulate the downstream sub-sector, the full implementation of this policy is yet to be felt.
He disagreed with the government over the setting up of a committee to determine the price of Premium Motor Spirit (PMS) which is at variance with the policy of full deregulation.
On the pronouncement by the Minister of State for Petroleum Resources, Chief Timipre Sylva that Nigerians should prepare to soak-in more pains in the anticipated increase in the price of petrol, Oyebanji said that with a fully deregulated downstream industry, the natural fear and anticipation of Nigerians on the increase of the price of transportation, food items and the attendant economic hardships will be resolved.
“Solutions to these challenges can only emanate from a collective resolve by all stakeholders to face up to these challenges together.
“There is the need for a national debate to share pragmatic and realistic initiatives to mitigate the impact of a pump price increase which could follow a fully deregulated downstream.
“We stand with Nigeria and Nigerians through this difficult time and support the Federal Government’s promise to pass the PIB this year and fully deregulate the petroleum downstream sector.
“The benefit of a liberalized downstream is the most visible means of growing the economy in the medium to long term.
Nigeria can become the refining hub of West and Central Africa and eventually the whole of Africa if we stick to this path of investing in new refineries, adopting a cost optimization initiative, building an environment that promotes competition and creates a sustainable petroleum sector.
“These actions would lead to increased employment, reduced poverty and reduced social inequity.
“We must take advantage of the opportunities brought by the African Continental Free Trade Area agreement (AfCFTA) and fully benefit from our barrels of crude, getting the maximum value it can bring Nigeria” Oyebanji said.