The Minister of Science and Technology, Dr. Ogbonnaya Onu has made case for more foreign and local investment in the Energy Sector.
Dr. Onu said this when he declared open the National Energy Summit in Abuja.
A statement from the ministry indicates that the Minister who stated that the energy sector is going through a transition, added that the gesture will enable Government build the necessary infrastructure needed for efficient and effective exploitation of the huge energy resources available in the country.
He further said that the Federal Government has provided the necessary incentives to grow and sustain investment into the energy sector, adding that there is favourable return on investment (ROI) in Nigeria’s energy sector.
Dr. Onu expressed optimism that Nigeria’s membership of the International Energy Charter (IEC) will improve Foreign Direct Investment (FDI) to the country.
“May I at this juncture express support of my Ministry to ECN (Energy Commission of Nigeria); and also call on stakeholder Ministries, Departments and Agencies as well as the National Assembly to support the efforts being made to assent to the IEC treaty”.
According to Dr. Onu, “This National Energy Summit, seeks to highlight how Nigeria’s membership of the International Energy charter will deepen growth and development in our energy sector for sustainable national development”.
Earlier, the Director General, International Energy Charter (IEC), Dr. Urban Rusnak said that his organisation is keen to support Nigeria’s effort to attain sustainable energy in the near future.
Dr. Rusnak, who participated virtually, said Nigeria has to transition from reliance on fossil fuels to renewable energy, adding that it must be cheap, clean, efficient and sustainable.
The Director General of the Nigerian Energy Commission, Prof. Eli Jidere Bala, called for enhanced participation of the Organised Private Sector (OPS), in the growth of sustainable energy in the country.
He further said the major objective of the summit is to bring to the fore, how Nigeria’s membership of the IEC would facilitate energy sufficiency and sustainable economic growth in Nigeria.