NNPC Urges Stakeholders To Explore Funding Opportunities In Renewable Energy

The Nigerian National Petroleum Company (NNPC) Limited has advised stakeholders in the oil industry to tap into the huge investment potential in the renewable energy sector.

Group chief executive officer (GCEO), NNPC Limited, Mele Kyari said this on Tuesday at the ongoing 40th annual international conference and exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.

The conference is themed, ‘global energy transition and the future of the oil and gas industry: evolving regulations, emerging concepts, and opportunities’.

Kyari was represented by Adokiye Tombomieye, group executive director (upstream), NNPC.

He said Nigeria’s energy transition created significant investment opportunities, such as the establishment and expansion of industries related to solar energy, hydrogen, and electric vehicles.

“It is pertinent to acknowledge that Nigeria is well endowed with abundant renewable energy, which includes hydropower, solar photovoltaic technology, wind, geothermal and biomass,” Kyari said.

“These alternative energy sources can be exploited to diversify the nation’s energy mix beyond the current fossil fuel sources and guarantee energy security for the nation.”

Kyari added that the renewable energy sector still had a lot of unexplored potentials, and securing the appropriate funds, partnerships, and technology would accelerate investments in the nation in line with the global decarbonisation movement.