Nigeria’s President Muhammadu Buhari has reiterated Nigeria’s dependence on hydrocarbons, saying the huge reserves are a blessing and the country cannot turn its back on them due to the numerous benefits they provide.
On Monday, June 7, President Buhari addressed the fourth Nigeria International Petroleum Summit (NIPS 2021) in Abuja, represented by the Minister of State for Petroleum Resources Mr. Timipre Sylva, urging the summit to produce new approaches to Nigeria’s oil future.
As he said: “There should also be a focus on the return of the attractive performance we experienced before the pandemic.
“We cannot turn our backs on more exploration just yet. New fields need to be discovered, and we must address short-term opportunities using technology that extends the life of the fields.
Because we are issuing new marginal field awards, nobody should doubt our commitment to this, he said.
He mentioned a production target of four million barrels per day and a proven target of 40 trillion barrels.
According to Buhari, the NIPS 2021 theme “From Crises to Opportunities” was appropriate in light of the current focus on energy transition.
“Governments around the world are presently more focused on tracking crises caused by COVID-19 than they are on pressing for energy transition, but energy transition is real, and renewable energy is cheaper.
“Investors have become more aware of environmental issues and have turned their backs on hydrocarbon investments, however history has shown that humans have an insatiable need for energy that renewables cannot fulfill in the future.
“Experts predict that 80 percent of world energy needs will be met by hydrocarbons by 2040,” he said.
“For us as a country with vast hydrocarbon potential, this presents an opportunity, and how we can make the most of it is a strategy,” he said.
In 2016, the president stated that developing a strategy was the core focus of the current administration.
Nigeria had remained focused in its drive to bring investments to the oil sector, regardless of the negative effects of COVID-19.