Huge investment opportunities in Nigeria’s energy transition abound – Seplat

Seplat Energy Plc on Wednesday said there were huge business opportunities for investors in Nigeria’s transition to cleaner sources of energy.

Mr Roger Brown, the Chief Executive Officer Seplat Energy Plc, made this known while delivering a keynote address at the 2022 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) in Lagos.

It was reported that the topic of the panel session was: “Operationalising a Clean Energy Transition for Sustainable Development in Africa.”

Represented by Mr Effiong Okon, New Energies Director, Seplat Energy Plc, Brown said lack of access to energy by Nigeria and other African countries remain a huge opportunity for investors.

He said Nigeria in particular had a strong potential for growth and that energy transition was an opportunity to create a sustainable future for the country.

According to him, Nigeria’s population is projected to hit 329 million by 2040 with an electricity demand of 240TWh.

Brown said there was the need for investment in gas and renewables such as hydro, solar and wind which would play key roles in Nigeria’s industrialisation in the near future.

He said: “The greatest business opportunity ahead of us is to supply the right mix of energy to support Nigeria’s growth.

“In doing so, we must make a positive social impact and contribute to Nigeria’s achievement of the United Nations’ Sustainable Development Goals.”

Brown said Seplat was in support of the Federal Government’s decision to make gas Nigeria’s energy transition fuel and would continue to make investments toward the development and utilisation of the country’s abundant gas resources.

While listing the company’s achievement, he said Seplat had since 2011 invested a capex of $1.7 billion in the sector and had paid $445 million dividends since its Initial Public Offering (IPO).

He said the $700 million ANOH Gas Processing Company being constructed by Seplat and the Nigerian National Petroleum Company Ltd. at Asaa, Ohaji/Egbema in Imo was nearing completion.

Brown said the project, when completed would provide gas to boost the much-needed supply of power to millions of homes and businesses across Nigeria to facilitate better standard of living and drive economic growth.

Earlier, Prof. Olalekan Olafuyi, Chairman, SPE Nigeria Council, urged African countries to priotise reduction of energy poverty in the continent while also working on decarbonising the energy system.

Olafuyi said that the continent’s contribution to global carbon emission was relatively low.

He added that there was the need to utilise its huge hydrocarbon resources for industrialisation and human capital development.