Omowumi Iledare, a professor of Petroleum Economics at LSU Centre for Energy Studies, USA, has said that to attain renewable energy system, Federal Government must set the transition agenda, formulate policies and be in cooperation with regional allies.
Iledare, who was guest speaker at the second edition of Diran Fawibe Annual lecture entitled ‘Disrupting the energy landscape in Nigeria at the University of Ibadan,’ said: “The disruption in the energy landscape globally characterised as energy transition with emphasises 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.
“The essential steps to finding a best speed at disrupting the energy landscape in Nigeria rests on government because it is a policy issue. Government must set the transition agenda and perhaps in cooperation with regional allies.”
The emeritus Professor also said that government needed to embrace a transition framework that balances energy security, equity and sustainability with a transparent and accountable mindset.
“Government should also empower energy institutions with frameworks to attract investment by rewarding entrepreneurship and innovation and constraining inefficiency and waste,” he said.
According to him, 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.
Iledare stated that there are other essential skillsets needed for an effective mixed energy strategy noting “this begins with having transformational leadership in the energy sector in Nigeria.
“Nigeria as a country needs a transformational, not transactional leader to fix the energy sector right.
“So, energy is life, its consumption drives prosperity and sustainability. Nigeria must go after a robust energy mix driven purely by economics, public policy, good governance and technology.
“Unfortunately, Nigeria, even at its low level of infrastructure development, do not appreciate the relevance of technical education for sustainable development,” he said.
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Diran Fawibe, the honouree, in his address called for collaboration of the academia and the industry for sustainable growth in the economy.
According to him, “If you look at developed countries their universities use to be a centre of research and development, helping the industries, when you look at some of the products that are being used in advanced countries, they are products of universities research that were generated.”
“So, universities and industries must collaborate for development, it is only in our country here where we just establish universities without thinking properly on how to integrate these two areas for development; we establish universities for educational purpose but the purpose of universities goes beyond that. So, the industries must also work and fund the educational system because they make use of the products of the universities.
“Government cannot fund universities alone; industry must participate effectively. We know the challenges government is facing in this country, the revenue at the moment is draining. When you pass through the gate of the universities in the 60s you know the quality, you know the standards and how they are able to concentrate on their studies. They are looking at the government to be able to sustain the quality of education but that may not happen, that is why the industries must come together to help the universities one way or the other.
“So, my objective of the annual lecture is to bring the universities and industries together, so we can see the areas we can assist by way of funding, research and development or provide assistance for growth and development of our country,” Fawibe said.
Mutiu Sunmonu, chairman of Julius Berger and chairman of the occasion, in his remarks said: “It is very important for Nigeria, policy makers, industries, professionals and academics to have a full understanding about energy transition.
While saying he was pleased at addressing energy disruption from the position of fact and science, he said: “We need to look at capital that can be deployed to starting some of these things, energy sources in a way that could make it afford to ordinary people in the country.”
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