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NIGERIA ENERGY POLICIES SPECIAL SEMINAR AT University of Ibadan University of Ibadan
GUEST SPEAKER- Emmanuel Ibe Kachikwu
Prof. Emmanuel Ibe kachikwu the former minister of petroleum resources who in a conference meeting at the university of Ibadan yesterday speaking on the petroleum industry act (PIA). He said in his word that the PIA is the new law that regulates the Nigerian oil and gas industry, and it was signed into law by President Muhammadu Buhari on August 16, 2021. The PIA aims to increase transparency, attract foreign investment, and increase revenue for the government.
The Nigerian government has also launched the Energy Transition Plan (ETP), which aims to achieve a carbon-neutral energy system by 2060 and universal energy access by 2030.
The ETP is a multipronged strategy designed to tackle energy poverty and the climate change crisis. The plan includes policies such as the Domestic Crude Obligation (DCO), which requires oil companies to refine a certain percentage of crude oil domestically before export.The DCO aims to increase local refining capacity, reduce fuel imports, and create jobs.
The Nigerian government has also been working to reform the oil subsidy system, which has been criticized for being inefficient and prone to corruption. The government has been gradually phasing out the subsidy and has introduced policies such as the National Gas Expansion Programme (NGEP), which aims to promote the use of natural gas as an alternative to petrol and diesel.