SARAKI: HOW TO ATTAIN ENERGY SECURITY IN NIGERIA

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Senate President, Dr Abubakar Bukola Saraki, on Friday, listed steps that need to be taken to achieve energy security in the country that would lead to a safe environment and uplift the social-economic wellbeing of the people.

Saraki gave the recommendations in his speech at a one-day workshop on the State of Energy Security in Nigeria, organized by the Konrad Adenauer Stiftung (KAS) climate policy and energy security programme for sub-Saharan Africa in Lagos.

He said that the country must look inwards to provide the required capital to invest in energy infrastructure by reforming the administration of the current major source of revenue, improving other revenue generating sectors and instituting an economic diversification framework that could initiate a stepwise transition to a green economic development pathway.

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Represented by his Chief of Staff, Hakeem Baba Ahmed, the Senate President, said it is key for the country to deepen strategic partnerships with countries that have more experience and resources to build capacity for policy coherence and technology transfer in order to generate made in Nigeria energy access innovations to grow the Naira.

He said while the 8th National Assembly firmly holds that the supply of adequate and affordable energy mix is essential, it should be a complimentary means to achieve energy security.

Saraki, according to a statement by his Chief Press Secretary, Sanni Onogu, said: “Nigeria must deepen strategic partnerships with countries that have more experience and resources to build our capacity for policy coherence and technology transfer to generate made in Nigeria energy access innovations to grow the Naira.

“The 8th National Assembly and the Senate under my leadership believe that the supply of adequate and affordable energy mix is essential in the 21st century, and there cannot be any pretense about this.

“But it should be a complimentary means to achieve energy security because energy security can only be achieved through adequate investments that are coherent and consistent.

“Looking inwards to provide the required capital to invest in energy infrastructure means (1) reforming the administration of our current major source of revenue, (2) improving other revenue generating sectors and (3) instituting an economic diversification framework that could initiate a stepwise transition to a green economic development pathway. I believe that this is the best way to go if we truly want to achieve sustainable energy security in Nigeria,” he said.

He further stated that since revenue derived from oil is highly volatile, fixing gaps leading to revenue leakages in the petroleum industry need to be addressed before implementing any policy for energy sufficiency and sustainability.

He said that the passage of the Petroleum Industry Governance Bill (PIGB) by the 8th Senate is meant to reform the oil industry and make it more revenue efficient and investment friendly.

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