Lagos, Nigeria – TotalEnergies Nigeria Limited, an international energy company, has called on the Nigerian Content Development and Management Board (NCDMB) to create funding interventions that will accelerate Nigeria’s target of generating nine gigawatts of electricity from renewable sources. The company recognizes renewables as a crucial resource for meeting the country’s future energy needs.
Nigeria aims to generate 30 gigawatts of electricity by 2030, with 30% expected to come from renewable energy sources. While the NCDMB has implemented initiatives to promote local content in the energy sector, the focus has primarily been on oil and gas.
During a panel session at the Nigerian Oil and Gas (NOG) Conference 2023, Adewale Fayemi, Country Adviser (Multi-Energies) at TotalEnergies, emphasized that renewable energy has the potential to significantly contribute to the energy industry. The panel discussion, titled “Exploring Emerging Opportunities for Local Content in Meeting Future Energy Demand,” aimed to examine strategies for achieving a sustainable energy future.
Fayemi highlighted the increasing energy demand in Nigeria due to growing industrial activities. While gas will remain a transition fuel, he emphasized the importance of renewable energy to meet the rising energy demands not only in Nigeria but also globally.
He stated, “Nigeria aims to increase our energy capacity to 30 GW by 2030, with 30% coming from renewables. Currently, our energy generation capacity is 16.4 GW, with 12 GW from gas and only about 2.2 GW from renewables, primarily hydro.”
Fayemi emphasized that as the energy industry continues to expand, oil and gas will play a significant role. However, the trend towards greater energy needs cannot be ignored, making renewables a necessary complement.
He further highlighted that technology plays a crucial role in the oil and gas sector and can also be applied in the renewable energy sector. Monitoring and controlling installations, such as solar farms and hydropower stations, require similar technological solutions.
Fayemi urged companies operating in the energy sector to assess their capacities, identify synergies, and develop business models to capitalize on renewable energy opportunities. He cited examples from around the world where major service companies have dedicated product lines for renewable energy.
Additionally, he emphasized the importance of operations and maintenance in renewable energy projects, drawing parallels to the skills and expertise required in the oil and gas sector. Fayemi applauded the NCDMB for its achievements in developing the oil and gas industry and called for similar efforts to be extended to other energy sectors, including renewables.
TotalEnergies’ call for funding interventions aligns with the goal of accelerating the development of renewable energy in Nigeria, ultimately contributing to the country’s energy transition and meeting its growing energy demands.
