The Nigerian National Petroleum Company Limited (NNPC Ltd) has urged the establishment of more local financial institutions to fund energy projects and address energy poverty in Nigeria and Africa.
This call was made by NNPC Ltd’s Chief Financial Officer, Mr. Umar Ajiya, at the 23rd Nigeria Oil and Gas Conference and Exhibition (NOG Energy Week) in Abuja on Wednesday.
Speaking on the panel “Accelerating Investment, Enabling Industry Growth, Meeting Energy Demand,” Ajiya emphasized the reluctance of global financial institutions to finance oil and gas projects due to environmental concerns.
He advocated for the creation of institutions like Afreximbank and the proposed Africa Energy Bank to support energy infrastructure projects.
Ajiya highlighted the need to attract investments into Nigeria’s energy sector to combat energy poverty despite the country’s abundant energy resources. He pointed out that the Federal Government has taken practical steps, such as the passage of the Petroleum Industry Act (PIA) and the enactment of three Executive Orders, to provide the necessary fiscal incentives for investment.
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He stressed that creating an investor-friendly environment requires collective effort.
“The task of attracting investment is not for the government alone. Everyone has a role, from Immigration and Customs Officers who welcome investors to the media and the judiciary. There’s room for everyone to make sure that investment comes back to Nigeria,” Ajiya said.
Ajiya mentioned several key energy projects, including the Gwagwalada, Kaduna, and Kano Independent Power Plants, which present opportunities for investors.
The panel discussion was moderated by Ms. Oluwatoyin Aina, Group Head of Energy at First Bank, and included notable speakers such as Mr. Eric Monchu Intong from Afreximbank, Mr. Oluwole Adama from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Ade Adeola from Standard Chartered, Ms. Taiwo Okwor from the Africa Finance Corporation, and Mr. Abayomi Salami from the Nigerian Investment Promotion Commission.