LAGOS – The Chief Executive Officer of QSL-Gas & Power Limited, Olakunle Williams, has stated that Nigeria has positioned itself as an attractive investment destination in 2021 and beyond.
He spoke during the company’s participation in the Africa Energy Week (AEW) 2021 in Cape Town, South Africa which held recently.
During the Nigeria country spotlight panel session at the event, Williams said the African free trade agreement already envisaged that by June 2021, Nigeria would surpass the energy single electricity market.
“The whole idea is that all Africans, regardless of status and location can have access to energy. Nigeria plays a critical role in this, considering that we hold a third of the energy reserve in AfricaToday, we are already leveraging on the west African gas pipeline to service regional markets in Togo, Ghana, and Benin Republic; with pipelines where these countries can access gas directly from Nigeria,” he continued. “Nigeria is serving over 500 megawatts power supply to these countries and we should leverage more on that.”
Williams also spoke on the ongoing Ajaokuta-Kaduna—Kano (AKK) pipeline in Nigeria which, when completed, is expected to supply huge volumes of energy to North Africa.
Speaking on the opportunities in the sector, he stated, “We should also continue to build our LNG capabilities in Nigeria in such a way that we can interconnect more countries within Africa.
“Also, we need to ensure that our supply chain management system speaks to each other across board, from the point where we source our products to the processing point and demand centers. We need to connect the ‘chain’ in a way that it can be resilient and lead to energy sustainability in Africa.”
On the journey so far, he noted that, “statistics show we are doing less than 10% flares, so we are doing very well. Before the recently passed Petroleum Industry Act (“PIA”), we already had policies in place to reduce flaring. Obviously, we cannot completely reduce flares but under the PIA there is a clear direction and policy in place.”
The panel session had other key industry experts which included, Dr Adedapo Odulaja, Governor of OPEC for Nigeria, Ministry of Petroleum Resources of Nigeria; Akinwole Omoboriowo II, CEO, Genesis Energy; Kola Karim, Managing Director and CEO, Shoreline Energy International; Heine Melkevik, former Managing Director Equinor Nigeria, current Managing Director Business Development, Alta Trading UK Limited; and Lawal Musa, Energy Analyst at the Nigerian National Petroleum Corporation.