…says sole reliance on oil dangerous
By Fisayo Akinduro
Ondo State Governor, Hon. Lucky Aiyedatiwa, on Monday urged stakeholders in the oil and gas industry to prioritise Nigeria’s transition to renewable energy, warning that the nation can no longer afford to depend solely on crude oil for revenue generation.
Aiyedatiwa made the call at the opening ceremony of the 43rd Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE), held at Eko Hotels and Suites, Victoria Island, Lagos.
Addressing industry experts and policymakers, the governor described it as “expedient and inevitable” for Nigeria to diversify its energy mix by integrating renewable sources to ensure long-term energy security and sustainable development.
He noted that the oil and gas sector had sustained Nigeria’s economy for over seven decades, serving as a catalyst for growth and infrastructural development, but stressed that the time had come for the country to broaden its economic base beyond crude oil.
“The oil and gas industry has been the heartbeat of Nigeria’s economy for over seventy years, but it has become necessary for the country to diversify its sources of revenue,” he said.
“We must support and fund other sectors to increase the potential sources of wealth for Nigeria from a dominantly mono-economic oil dependency.”
Referring to the conference theme, ‘Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development’, Aiyedatiwa said Ondo State had already taken proactive measures to position itself in the ongoing energy transition.
He highlighted the state’s contribution as the fifth-largest producer of hydrocarbon in Nigeria, with about 60,000 barrels of crude oil produced daily and as host to the country’s largest untapped bitumen deposit.
The governor disclosed that his administration had signed an agreement with Backbone Infrastructure Limited to construct a 500,000-barrel-per-day refinery in Ilaje Local Government area, in partnership with the Nigerian National Petroleum Company Limited (NNPCL).
He described the project as a forward-looking initiative aimed at reducing Nigeria’s dependence on imported refined products.
“We need proactive solutions that will bring down fuel prices locally and make our energy sector self-sufficient,” he stated. “The refinery project is one of such interventions.”
Aiyedatiwa assured industry players of his administration’s full cooperation and support for exploration and investment activities, adding that the state government would ensure host communities benefit equitably from oil and gas projects.
He commended NAPE for over four decades of professional excellence and its role in building a strong community of explorationists and geoscientists contributing to Nigeria’s energy security.
The governor also congratulated the incoming President of NAPE, Mrs Olajumoke Ajayi, wishing her a tenure of innovation and impactful leadership.
“As you engage in discussions that will shape Nigeria’s oil and gas policy this week, I wish you a fruitful and successful conference on behalf of myself and the good people of Ondo State,” he added.
In his remarks, the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, said the transformation of Nigeria’s energy sector began with President Bola Tinubu’s administration, which has prioritised reforms and investment growth in the industry.
Also speaking, the Special Adviser to the President on Energy, Ms Olu Verheijen, noted that since 2023, the Federal Government had provided a clear direction towards strengthening exploration and investment through partnerships with countries making significant progress in the oil and gas sector.
Earlier, NAPE President, Mr Johnbosco Uche, described the conference as a strategic platform for exchanging ideas, insights and innovations aimed at shaping the future of Nigeria’s oil and gas industry.
He stressed that revitalising exploration operations and reforming regulatory frameworks would require strong collaboration among government, stakeholders and academia, anchored on data-driven innovation and investment-friendly policies.
The conference, themed ‘Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development’, attracted key players, policymakers and experts across the energy value chain.