FG unveils reforms aimed at enhancing energy security, attracting investment

From Juliana Taiwo-Obalonye, Abuja

At the inaugural US-Nigeria Strategic Energy Dialogue held in Washington, DC, the Federal Government unveiled significant reforms aimed at enhancing energy security and attracting investment.

The event, hosted by the US State Department on September 11-12, 2024, marked a pivotal moment in bilateral cooperation between the two nations.

Special Adviser to the President on Energy, Olu Verheijen, in a statement she personally signed, emphasised the urgency of addressing energy access for nearly 100 million Nigerians lacking reliable power.

“I cannot overstate the importance of our longstanding relationship with the US and this inaugural dialogue. The goal of this dialogue is for us to jointly proffer solutions that will close the energy access gap for close to 100 million Nigerians who still lack reliable power,” Verheijen said.

“We want existing and potential partners to better understand our areas of priority so that our collaboration can be better targeted, and with tangible outcomee,” she added.

The Presidential aide also said five new presidential directives were announced to streamline gas project contracting processes, potentially unlocking $2.5 billion in investments.

She also highlighted the launch of a $550 million upstream gas project expected to deliver 350 million standard cubic feet of gas daily.

Assistant Secretary of the State Department’s Bureau of Energy Resources, Geoffrey Pyatt, praised the dialogue’s potential: “The inaugural U.S.-Nigeria Strategic Energy Dialogue [sets] the stage for strengthened energy collaboration between the United States and Nigeria. Together, we’re advancing shared energy security, decarbonization, and economic growth goals.”

The dialogue also saw the launch of a new Nigeria-focused initiative, the Clean Energy Alliance of Nigeria (CLEAN), by the U.S. State Department, to mobilize stakeholders to support and promote investment in clean energy in Nigeria.

The Nigerian delegation to the US-Nigeria Strategic Energy Dialogue, was led by the Minister of State for Petroleum Resources, Ekperikpe Ekpo, and included officials from the Ministry of Power, Nigerian Upstream Petroleum Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Content Development and Monitoring Board, NNPC Limited, and others.

The US delegation included representatives from the Bureau of African Affairs, USAID, the U.S. Department of Energy, the U.S. Trade and Development Agency (USTDA), and the Export-Import Bank (EXIM).