During a recent stakeholder engagement in Abuja, key players in the renewable energy sector emphasized the need for a sustainable financing model to achieve Nigeria’s Energy Transition Program (ETP).

The event, organized by the Yar’Adua Foundation, focused on “Maximizing Just Energy Transition Opportunities through an Inclusive Country Platform.” Participants highlighted that mobilizing private sector finance is crucial for the successful implementation of ETP initiatives.

Mr. Patrick Okigbo from Nextier Advisory Energy Transition Limited advocated for a robust funding model, suggesting that Nigeria could emulate the petroleum development funding model, wherein proceeds from oil could be redirected to support the ETP. He stressed that government funding alone would not suffice and that a comprehensive financial plan is essential to attract private investments.

Okigbo underscored the importance of energy security, framing it as critical to national security. He called for placing communities at the center of energy transition efforts, emphasizing the need for community-based strategies to mitigate any negative impacts of the transition. “To achieve energy transition in Nigeria, we must engage with the people and address their specific needs,” he stated.

He also urged the government to strengthen its commitment to the ETP, advocating for decisive action over mere dialogue. Addressing macroeconomic uncertainties, improving infrastructure for renewable energy, and fostering collaboration among stakeholders were also highlighted as key steps forward.

Mr. Olumide Onitekun from the African Policy Research Institute (APRI) reinforced the concept of a just energy transition, advocating for the defunding of fossil fuels while prioritizing social justice across economic, racial, and gender lines. He noted that achieving this vision will require strong political will, private sector involvement, and a structured funding approach.

Earlier in the event, Mr. Amara Nwankpa, Director of Partnership and Development at the Yar’Adua Foundation, pointed out that while the ETP is ambitious, it currently does not align with the most cost-effective pathway to total electrification. He urged participants to envision a future where renewable energy propels economic growth, job creation, and broader energy access.

The event concluded with a panel discussion on fostering an inclusive and equitable energy transition, along with presentations outlining stakeholder commitments to advance energy transition efforts in Nigeria.

The Nigerian National Petroleum Corporation (NNPC) has raised a red flag on the growing issue of oil theft, calling it a major threat to Nigeria’s economic stability and security.

The Corporation outlined its ongoing challenges including oil theft, emphasizing the urgent need for collective action to tackle this issue, which poses a significant threat to Nigeria’s economy.
Speaking at a stakeholders engagement and capacity building for journalists, Chief Corporate Communications Officer, (CCCO), Nigerian National Petroleum Company, (NNPC) Ltd, Femi Soneye has stressed that oil theft has become a major problem, one that requires the nation’s attention and decisive action.

“If we don’t address the issue of oil theft, Nigeria is in serious trouble,” the officer stated emphatically, drawing attention to the stark reality that oil theft not only threatens national revenue but also undermines security.
Soneye recalled an incident from November last year, where a vessel caught with stolen crude oil was seized, only for the same vessel to be found engaging in similar activities a few months later.
He used the incident to highlight the low prosecution rate less than 2% for those involved in oil theft, despite over 2,500 arrests

On the growing scrutiny, with questions being raised about its decision to engage private security firms to protect national assets he clarified that the decision was necessary due to the scale of the challenge.
“No country in the world relies on non-state actors to protect national assets, but we had no choice,” he explained, noting that at one point, Nigeria’s production levels dropped below 900,000 barrels a day, leading the NNPC to partner with community leaders and private security firms to restore production.

“This collaboration has helped to raise production to approximately 1.6-1.7 million barrels per day, thanks to the combined efforts of the private security companies and the military.” However, he emphasized that more needs to be done to combat the oil theft crisis, as the problem is deeply rooted in organized crime that involves entire communities, including religious institutions and local leaders.
Soneye shared a personal account of an oil-related fire that had raged for months due to the actions of local warlords who blow up pipelines to steal oil, causing significant environmental damage and costing the NNPC millions of dollars to address.
“This issue is not just about oil theft. It is about the very survival of our national economy,”He reiterated.
In addressing questions about the high cost of doing business in Nigeria, the NNPC pointed out that companies charge Nigeria significantly more than other countries due to security risks. “If a company charges $1 million in Saudi Arabia, they will charge $4 million in Nigeria because of the cost of securing personnel and operations,” Soneye said, emphasizing how oil theft, kidnapping, and sabotage inflate operational costs and discourage investment.

The NNPC he said is also committed to greater transparency and accountability, noting its transformation from a corporation to a private company.
He highlighted recent actions aimed at increasing openness, such as disclosing the price of pms purchased from Dangote Industries. Despite facing criticism for this transparency, the NNPC remains committed to ensuring Nigerians have access to the truth.

In conclusion, the NNPC urged the media and the public to play a role in raising awareness about the devastating impact of oil theft on Nigeria’s economy and security.
The corporation reiterated its commitment to addressing the challenge head-on and called for continued collaboration between the government, security agencies, and the private sector. “We need all hands on deck to protect Nigeria’s future,”

Former Presidential Candidate, Peter Obi, has called on the Nigerian National Petroleum Company Limited (NNPCL) to come clean on its operations amidst the lingering fuel scarcity crisis.

Obi, in a statement, lamented the lack of transparency in NNPCL’s dealings, particularly regarding subsidy payments and fuel imports.
He questioned how a company that declared a N3 trillion profit in 2023 could fail to alleviate the fuel scarcity, citing incompetence and mismanagement.

The Labour Party chieftain urged the federal government to take decisive action, ensuring NNPCL’s operations are transparent and accountable to Nigerians.
He emphasized that the current fuel scarcity has inflicted hardship on citizens, and it’s time for those responsible to be held accountable.

Obi’s call for transparency and accountability is a clarion call for good governance and effective management of the nation’s resources.