The Federal Government has been asked to collaborate with the Public Private Sector (PPS) in its quest for green energy in conformity with the global trend of a shift from the oil and gas sector.
Omowumi Iledare, Professor Emeritus in Petroleum Economics, LSU Centre for Energy Studies, made this known in a paper entitled ‘Disrupting the landscape in Nigeria’ in the second edition of the Dr Diran Fawibe Annual lecture at the University of Ibadan.
He added that the input of the PPS is needed for the FG to achieve its set goal of diversification from the oil and gas sector as a major source of energy to plants.
Iledare stated that diversification from the oil and gas sector as a source of energy to green energy is now a global phenomenon and for the Federal government to meet up with the global trend there is a need for active involvement of the private sector and research institutions nationwide.
According to him, “The disruption in the energy landscape globally characterized as energy transition with emphasis on green energy adoption to reach net zero carbon emission by 2050 while Nigeria has set its own net zero target for 2060.
“But the disruption of the energy landscape goes beyond setting the target as it involves strategic thinking and planning.”
Ilemade said for the government to achieve its target, it must set the transition agenda in cooperation with regional allies.
“Government should empower energy institutions with frameworks to attract investment by rewarding entrepreneurship and innovation and constraining inefficiency and waste.
“Public Private Partnership is needed in finding and developing energy sources based on comparative advantage.
“Nigeria may have to look inward for the type of investment fund required for the energy mix strategy to work including petroleum and this is the essence of the new Africa Energy Bank.
“Energy is life, its consumption drives prosperity and sustainability. Nigeria must go after a robust energy mix driven purely by economics, technology, public policy and good governance.”
Also, in his address, Fawibe stressed the need for collaboration between the government and research institutions nationwide.
According to him, universities across the globe used to be the centres which assist them to develop in terms of research and development.
The universities and industries must work hand in hand to facilitate the socio-economic growth of the country.
“University education in the country is facing a lot of challenges, especially in the area of funding, hence the need for the assistance of the organized private sector as the government alone can not shoulder the responsibility,” he said.
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