• Business - Economy
  • Updated: May 23, 2024

Kyari calls for quick solutions to electricity challenges

Kyari calls for quick solutions to electricity challenges

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL, has disclosed that the country must take urgent actions to solve its electricity problems to save the economy.

Kyari, who spoke at a stakeholders’ engagement between the Nigerian Association of Petroleum Explorationists and the NNPCL in Lagos, said no country in the world would develop without sufficient and affordable electricity.

He noted that about 50 per cent of the entire Nigerian population had no access to electricity.

The NNPCL boss lamented that businesses were shutting down in Nigeria due to a lack of electricity, saying the electricity challenges must be sorted out as early as possible.

According to Kyari, Nigeria, with a population of 70 per cent below 30 years old, has huge potential.

He claimed that the NNPCL had joined the government in providing solutions to power outages through the supply of gas.

“No country in the world today has developed without sufficient energy. No country in the world has developed without sufficient, affordable and accessible electricity. We are on the path to making sure electricity is available in our country. There is enormous work going on today to ensure we are able to build our gas deliberate infrastructure in the domestic market.

"We and our partners; and we are leading it because it is our role to lead it because the law says that NNPC must guarantee energy security for this country. It has a very broad meaning.

“Beyond this, what must happen is that we must deliver gas to create power and increase power production. We must create the power.

"Today, every piece of data indicates that over 50 per cent of our continent does not have access to electricity. Factories shut down because they don’t have access to power. That means we must sort out the power situation,” he noted.

However, Kyari said solving the power challenges might be difficult if the country jettisoned investment in fossil fuels due to the energy transition, stressing that gas is important in generating electricity.

He noted that, though solar is an alternative source of electricity, investing in solar might not be feasible without money from oil.

“Yes, I believe solar can help, but some way you must put money into solar. Where do you want to get the money from? When you kill the same framework or that platform that provides the cash for you to make the solar, then you’re going to have none of them.

“That is why we are focusing on making sure we utilise the resources that are available to us to increase oil production. No doubt about it,” Kyari submitted.

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