- NNPC’s Kyari says Nigeria needs a more gradual and flexible approach to energy transition
According to Zawya article published on November 19, 2022, oil demand in Africa stood at an average of 4.36 million barrels per day in 2022, according to Nigerian National Petroleum Company’s (NNPC) Group Chief Executive Officer Mallam Mele Kyari.
Despite Africa having the world’s lowest levels of per capita use of modern energy, demand is set to increase with growth in population and incomes, he said, adding that 970 million Africans lack access to clean cooking gas, The Guardian newspaper reported.
Africa is still dominated by fossil fuel, with hydropower making the only significant renewable energy contribution, Kyari noted.
“It is, therefore, our firm position that fossil fuel will continue to contribute more than 50% to the energy mix in Africa and possibly the rest of the world.”
NNPC’s top executive stated that financing oil and gas projects have become more complicated as banks, multilateral lenders, and investors divert capital to renewable energies.
Although developed countries are aggressively pushing energy transition programs, several emerging countries, especially hydrocarbon-dependent economies such as Nigeria, require a more gradual and flexible approach to the energy transition, Kyari said.
