A way forward for energy security for Nigeria’s economy

Nigeria cannot be described as an economy that has attained energy self-sufficiency in spite of the abundance of oil and gas deposits. It is a regrettable situation and it is the outcome of weak institutional performance. The lack of efficient service delivery in the energy sector is directly down to poor methods and the unpatriotic procedure in the local utilisation of the country’s petroleum resources to optimal advantage; which ought to have minimised diverse ancillary costs of operations within the oil industry. This age-long poor performance in the energy sector of the economy is also linked to institutional corruption that is prevalent in the system. It is clear, therefore, that the energy sector is deficient in forward looking plans that can result in energy availability, affordability and sustainability in the energy programming project of the nation’s economy. However, the ugly situation within the sector could be ameliorated and improved upon if the management can come up with a selfless programmed plan backed by government’s political will to implement and change the status quo, for the economy to move on and make progress.
Energy security, interestingly, marries the critical stock of natural resources for energy consumption and national security. The availability of natural resources for energy production and conservation is the basis for determination and actualisation of energy security; which ensures constant access to sufficient energy at an affordable price. This invariably means the same as the ability to maintain a steady supply of energy within the economy, and the capacity for rapid adaptation to meet short term demand (in all the areas of daily energy needs that include both for commercial purposes and private uses). To actualize efficient service delivery in the energy sector – where power supply for running domestic and industrial/commercial activities; and refined products consumed in transportation and other uses – total quality management of the local utilisation of the natural resources has to clearly raise energy efficiency in the entire cycle of the operations of the downstream subsector. Nigeria needs to outgrow the present internal intrigues (between the regulators in the subsector and all the domestic refining facilities in the country); along with the frustrating bottle necks, which pose as threats that drag back progress in the entire socioeconomic system of the economy, considering the present developments and issues of insufficient supplies of locally refined products.
Energy imports to augment domestic daily demand in the country should have been a thing of the past, if things had started working as they should, with dedicated and selfless service delivery. Self-sufficiency may remain a mission impossible in the energy sector unless the government organs responsible for running the sector become committed and go out to encourage the players in the sector to operate seamlessly without any form of external disruptive influence that may impact the sector’s performance negatively. Sustainable energy and energy transition plan that works towards Sustainable Development Goals 2030 target, and the nation’s plan for a net zero termination of the use of fossils by 2060, to secure the global future, must not be left behind as we discuss the nation’s take on energy security. This dimension of the global energy landscape dwells majorly on transition from fossil based energy sources to renewable energies. One aspect of the nation’s conduct that is baffling is the back and forth policy summersault of those managing the sector. One believes that it is high time that the public office holders responsible for tackling the national challenges and delivering on the assignments before them handle them with utmost caution, and responsibly too. We shall all live and die one day, and any good work we ignore and abandon to do in the right and proper way, would remain a terrible legacy counted against us.
In concluding this discourse, let it be emphatically stated that all public office holders in the energy sector need to severally and cumulatively make their respective positive contributions and their respective little inputs towards making sure that the country roundly achieves energy self-sufficiency, at all costs. This is because the nation has all it takes and the potential to hit the expected marks. On this note, therefore, energy security needs to start by everyone conservatively practicing energy efficiency and imbibing a green energy lifestyle (for the reduction of carbon emissions and the actualisation of carbon neutrality) that would positively add up towards the global fight against climate change and the mitigation of global warming.
The Federal Government of Nigeria is therefore advised to encourage the private sector when it invests in the energy sector, with every available diplomatic tool, to function effectively as they successfully run their respective energy businesses; with attractive gains and projected profit that keep their business operations afloat. With the needed government protection, energy business operators will continually strive to sustain their attractive, competitive operations in the global energy landscape; and, ultimately, achieve the status of energy self-sufficiency for the economy.