|
Listen now
|
As global calls for transition to cleaner energy fuels continue to grow, the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC) Ltd. Mele Kyari has said the Final Investment Decision (FID) on the $25bn Nigeria-Morocco Gas Pipeline (NMGP) project will be taken in December 2024.
Kyari revealed this while speaking during a Leadership Dialogue Session at the ongoing CERAWeek Conference in Houston, United States on Tuesday.
According to him, the NMGP which is at an advanced stage, will create a pipeline that will pass through thirteen African countries to Europe, adding that the FID for the $25bn pipeline project will be taken by December.
The NNPC Limited’s GCEO also advocated for a differentiated approach to attaining energy transition for the African continent.
He argued that energy transition is a very difficult subject for countries, especially in sub-Saharan Africa because geographically, the situations are different as a number of the countries are dealing with energy availability, not transition, and energy availability is closely linked to energy security.
“The world has seen all the challenges thrown up recently by geopolitical events. It is clear that before the energy transition, countries must first attain security of energy supply in their countries. You cannot talk about energy security when it is not even available. In most sub-Saharan Africa, 70 per cent of the population doesn’t have access to clean cooking fuels. Therefore, you must fill the supply gap first,” the GCEO stated.
He said although people talk about using renewable to close the energy transition gap, the funds for renewable must also be found.
“If you insist on completing substitution today, then you have to deal with the problem of supply. For us today, the transition must be differentiated. Even if Africa decides to switch off its fossil fuels, it only accounts for just about 3 per cent of the entire global emissions,” the GCEO added.
He said today, NNPC Ltd’s focus is to build its capacity to deliver gas to the domestic market and beyond.
Follow the MoneyCentral Nigeria channel on WhatsApp: Click here! on the $25bn Nigeria-Morocco Gas Pipeline (NMGP) will be taken in December 2024.){kind=link}