In light of the energy shift, Vice President Yemi Osinbajo believes Nigeria should explore investing in green hydrogen.
On Thursday, Osinbajo made the announcement while introducing a book titled “Understanding Natural Gas: A Nigerian Perspective” in Abuja.
The Vice President asked the Nigeria National Petroleum Company Limited (NNPC Ltd) to consider green hydrogen investments for clean energy.
According to the media, the book has 12 chapters and was written and co-written by Dr David Ige and Mr Dapo Akinosun (SAN), respectively, and was evaluated by Mr Bello Rabiu and Mr Osten Olorunsola.
According to news sources, worldwide demand for green hydrogen, a low-carbon energy alternative, is expected to climb by 700% by 2050.
Osinbajo said that there was already a lot of debate about green hydrogen, which needed natural gas to create, and that its massive expenditures were being taken advantage of internationally.
“As a nation, we should be thinking in terms of this greener gas ‘hydrogen gas’.” I feel that investments in hydrogen should be taken seriously. I am certain that NNPC Ltd would consider this as we prepare for the future.
“We must embrace the opportunity to responsibly and judiciously harness our vast natural gas resources, while also charting a course towards a cleaner and greener future,” he added.
The vice president also urged the diligent execution of an energy transition plan that included a decade of gas proposals.
“Nigeria’s energy transition plan tries to chart a course forward, and we see solar and renewable energy as the foundation of that plan.”
“And the plan is to build about 250 gigatonnes of solar plants by 2060, when we hope to achieve Net Zero.”
“In addition, the plan outlines our decarbonisation strategies for power, oil and gas, and transportation.”
“But it also seeks to mitigate against possible long-term job losses in the oil and gas sector in particular, because this is an industry that has dominated our economy for decades,” he added.
He said that as a result of global geopolitics, particularly the Russian-Ukraine conflict, petrol prices rose, forcing nations to face the vulnerabilities of their own energy supply strategies, prompting urgent demands for re-evaluation and diversification.
He did, however, laud the book’s writers, describing it as one of the few technical works with a solid policy and legal viewpoint on gas utilization.
In a statement, the author, Dr David Ige, CEO of GasInvest Limited, a natural gas consultancy and investment firm, said that his personal involvement with natural gas began 18 years ago.
Ige, former Group Executive Director – Gas and Power at the old NNPC, noted that there was little or no data on gas at the time, but as he progressed, he saw that the solutions suggested for gas were incongruous with the amount of demand.
He cited his policy work on the gas master plan at NNPC, university lectures, the desire for a comprehensive approach to gas, infrastructure, and commercial framework as important drives and sources of inspiration.
He praised the co-author for ensuring that the book’s material was accepted for its relevance to legal practitioners, especially young players joining the natural gas business for the first time and industry professionals.
Also speaking, Akinosun, a Senior Advocate of Nigeria (SAN) and Founding Partner of SimmonsCooper Partners, a major commercial legal practice, said the book’s history started with the vice president’s advise few years ago to research into Gas legal.
“I went on the journey even though petrol was not popular at the time.” “Finding materials on gas and learning about it became a challenge,” he remarked.
Akinosun, who specialised in gas, banking and finance, foreign investment, divestiture, and commercial dispute resolution, said that the work with Ige, who advised him on business for young attorneys on gas and agreements, as well as his enthusiasm, facilitated information transmission.
Many dignitaries attended the ceremonial book presentation and unveiling, including Justice Olukayode Ariwoola, Chief Justice of Nigeria, and Malam Mele Kyari, GCEO, NNPC Limited, among others.
