The Managing Director and Group Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has expressed concerns about the cost of renewable energy and its impact on Nigeria and other countries with limited economic resources. He made these remarks at the Nigerian Association of Petroleum Explorationists’ (NAPE’s) annual conference in Lagos.
Kyari explained that while renewable energy is important for mitigating climate change and reducing reliance on finite resources, it faces limitations such as high costs and challenges with intermittency, reliability, and predictability. He also highlighted the inherent challenges and constraints associated with the petroleum industry. Kyari emphasized the need for a balanced energy portfolio that leverages innovation and technology to meet evolving energy demands.
Other speakers at the conference echoed these sentiments, emphasizing the importance of addressing the energy trilemma of achieving energy security, sustainability, and affordability. They called for efforts to develop proven gas reserves and diversify Nigeria’s energy mix to address carbon emissions and provide sustainable and affordable energy for economic growth. The speakers also highlighted the vulnerability of Nigeria’s economy due to its dependency on fossil fuels and the need to take action to meet the growing demand for resources. Furthermore, the speakers stressed the urgency of investing in renewable energy sources to reduce Nigeria’s reliance on fossil fuels. They emphasized the potential of solar and wind power to not only mitigate carbon emissions but also create new job opportunities and stimulate economic growth.
In addition, they called for the implementation of energy efficiency measures to optimize energy consumption and reduce wastage. It is clear that a comprehensive and sustainable approach is needed to tackle the energy trilemma and ensure a prosperous future for Nigeria.
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