President Bola Ahmed Tinubu says Nigeria is poised to deliver clean and sustainable energy solutions not just in-country but also across Africa and beyond.

The President made the remarks today at the commissioning ceremony of a 40,000 cubic meters (CBM) Liquefied Petroleum Gas (LPG) vessel, christened “MT Iyaloja (Lagos),” in Ulsan, South Korea.

The vessel owned by WAGL Energy Limited (an NNPC Ltd. /Sahara Group Joint Venture) is a dual-fuel, fully refrigerated LPG carrier. This latest addition brings WAGL’s total LPG vessel capacity to 162,000 CBM. Other vessels in the fleet include MT Africa Gas, MT Sahara Gas, MT BaruMK, and MT Sapet.

Represented by the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, the President commended WAGL Energy Limited, NNPC Limited and Sahara Group, for their strategic foresight, technical excellence and unwavering dedication to expanding Africa’s role in the global clean energy value-chain.

In his remarks, Group Chief Executive Officer (GCEO) of NNPC Ltd., Engr. Bashir Bayo Ojulari, described WAGL’s LPG Vessel as a great addition to gas development efforts in Nigeria.

The GCEO, who was represented by the Executive Vice President, Gas, Power & New Energy, Mr. Olalekan Ogunleye, added that the vessel will be crucial in realising the impact of gas in Nigeria’s economic development.

According to him, NNPC Ltd. is deepening its commitment to ensure LPG affordability, availability and access, nationwide.

“NNPC Ltd. is proud to be a major shareholder in this indigenous Company which in addition to the newly commissioned MT Iyaloja (Lagos), owns four (4) other LPG vessels in its growing fleet, delivering over 6 million MT of LPG across West Africa over the last 5 years,” he added.

Also speaking, WAGL’s Chairman/Executive Director at Sahara Group, Mr. Temitope Shonubi, noted that the company’s expansion demonstrates its vision of responsibly driving efforts aimed at bridging the continent’s critical energy infrastructure gap.”

“The addition of MT Iyaloja (Lagos) embodies the spirit of progress and empowerment championed by the iconic Alhaja Abibatu Mogaji, whose legacy we honour. Sahara Group is proud of its partnership with NNPC Ltd. and reaffirms its commitment to partnerships that drive energy access in Africa,” he added.

WAGL’s Managing Director, Mr. Mohammed Sani Bello stressed that the company is dedicated to expanding its integrated supply network across the entire energy value chain.

“WAGL already has plans to further expand the fleet within the next two years with the addition of a Small Gas Carrier and a Very Large Gas Carrier (VLGC),” he added.

The symbolic ribbon cutting of MT Iyaloja (Lagos) named in honour of Alhaja Abibatu Mogaji, MFR, (the late mother of President Bola Ahmed Tinubu), was performed by her grand-daughter, the Iyaloja-General of Nigeria, Alhaja Folasade Mujidat Tinubu-Ojo.

Key players and experts in Nigeria’s oil and gas and power sectors have called for concerted measures and actions that will lead to property utilization of the country’s vast gas reserves.

Key players and experts in Nigeria’s oil and gas and power sectors have called for concerted measures and actions that will lead to property utilization of the country’s vast gas reserves.

They expressed the opinion that Nigeria’s gas reserves are critical asset towards achieving the ongoing energy transition that will be affordable and sustainable.

Speaking at the 4th Oriental News conference in Lagos on Thursday July 24,2025 themed’ , “Integrating Nigeria’s Gas Potentials into Strategic Energy Transition Initiatives,” the Manager, Energy Transition NLNG, Temitope Ogedengbe, advised that Nigeria must avoid adopting a “copy-paste” approach to energy transition, insisting that the country must tailor its strategy to reflect local realities, including the urgent need for economic growth, energy security, and national development.

“Our transition must leverage our unique strengths and resources to grow our economy,” Ogedengbe said. “Energy transition should not be a copy-paste exercise.

“Nigeria must design its own, since we need economic development, energy security, and to address developmental issues.”

Ogedengbe, while highlighting challenges around gas utilisation, lamented that despite Nigeria’s abundant natural gas resources, a large portion is still being flared or reinjected due to the absence of viable commercial arrangements.

“We’re not taking nearly the amount we should be. We are still failing and reinjecting because there is no commercial arrangement to optimise this; for many reasons,” he stated.

He noted that while marginal fields hold potential, they are difficult to produce economically. 

“The issues there are marginal fields, which are difficult to produce,” he said, adding that the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) Gas Flaring Commercialisation Programme is trying to address this.

According to him, a significant chunk of Nigeria’s gas is still either exported or flared, while domestic utilisation and value addition remain underdeveloped.

 “We are not investing enough, and we are not examining the right approaches,” he added.

Speaking on the global LNG market, Ogedengbe noted that although there is still a market for  LNG produced by Nigeria, demand patterns are shifting, particularly in Europe, where buyers now favour lower-carbon LNG options.

He said, “There is still a market for LNG produced in Nigeria, but what is happening is that Europe is asking for lower-carbon LNG. 

“There’s a need to use operational levers to reduce carbon, attract premium markets, and unlock funding opportunities, including through reduced taxes and levies.”

He further stated the NLNG remains central to Nigeria’s gas future, revealing that the company plans to expand its capacity to 30 million tonnes per annum.

” As part of its energy transition strategy, the company is integrating technologies and processes aimed at reducing emissions and generating carbon credits.

“We’re using offsets to reduce our emissions, both at the national and international levels, to take carbon out of the atmosphere and promote our operations,” he explained.

Ogedengbe emphasized the need for a multi-pronged, well-coordinated approach to decarbonising the country’s gas sector to ensure long-term viability and global competitiveness.

Also, at  the same conference, former Power Minister, Prof. Bart Nnaji said that shortage of gas supply and infrastructure deficit has continued to act as disincentive to investment and growth of the power sector.

Nnaji, said in the next two decades power generation in the country will be dominated by gas fired plants.

He attributed Nigeria’s persistent gas shortage to inadequate investment in gas infrastructure and called for more support from both government and the private sector.

Nnaji, who chaired the event, addressed stakeholders from across the oil and gas value chain, including key government officials.

He said the country’s gas sector remains underdeveloped due to insufficient investment in extraction, transmission, and transportation.

“The focus should not rest solely on government-led efforts — the private sector must also play a vital role,” the former minister said.

“What we need is for the government to act as a true enabler, offering the necessary support for infrastructure and gas harvesting. It’s baffling that with over 210 trillion cubic feet of gas, we still face local shortages.

“We’re unable to produce sufficient quantities to support operations across the country. Though operations improved this year, they weren’t previously at full capacity. A seventh train is underway, but we need more gas.”

He said Nigeria’s history of mining and exporting coal before abandoning it reflects a wider pattern of resource neglect.

Nnaji said gas-fired plants are critical to Nigeria’s power generation, emphasising the need for a reliable supply to ensure thermal plants operate effectively.

He noted that Geometric Power Ltd, which he chairs, is among the companies generating electricity through thermal sources.

“For effective supply from thermal plants, an adequate and reliable gas supply is vital. While we have hydro power, gas-fired plants remain dominant and will likely stay that way for the next ten to twenty years,” he said.

Nnaji acknowledged the role of renewable energy in rural electrification but maintained that Nigeria’s baseload power must continue to come from gas or hydro sources.

He noted that hydro power, however, comes with limitations that require regional cooperation.

In her submission, Engr. Chichi Emenike, Acting Managing Director and Gas Asset Manager of Neconde Energy Limited, sounded alarm over the consequences of some policies of Government that has undermined the ongoing energy transition.

According to her, unpaid gas supplies, dollarised operations, and policy inconsistencies are discouraging investment in the sector.

Emenike, said Neconde, for instance, has gas that has been produced and supplied to the electricity generation companies (GenCos) and that has not been paid for almost two years now.”

“This is a serious conundrum, whereas we have sourced funds from somewhere to produce these gas molecules from our facilities. How am I going to pay back?”

Emenike further explained that Nigeria’s upstream gas production is highly dollarised, making it costlier than crude oil development and difficult to sustain without a commercially viable framework.

“Don’t forget that the gas production industry is highly dollarised, including the requisite inputs. There is no part of the operation, including the technology, that is produced locally. The bulk of it has to be imported in US$.

“The O&M, well drilling, and accessories to drill a gas well are all dollarised. So, it costs more than what it costs to drill a crude oil well. The handling of a gas well is highly sophisticated, unlike that of crude oil.”

Speaking on systemic issues within the gas-to-power value chain, Engr. Emenike said, “Over 500 million standard cubic feet (scf) of gas are being transported with the NGIC pipeline.

“If you multiply this figure by one dollar, you will understand the cost. Whereas so much money went into drilling some of these wells, it costs $35,000 plus or minus, and that is outside other assumptions of fees.”

Commenting on the financing and investment environment, Emenike called for a pragmatic national energy plan that begins with achievable goals, rather than lofty ambitions.

“Let us start with what is doable; I mean the low-hanging fruit. Let us stop with big numbers. We should tidy up small fields that are struggling to juggle both CAPEX and OPEX.

“We need to sit down once as a nation to be selfish enough to determine what is needed to take care of Nigeria’s economy alone in the Gulf of Guinea.”

She called for urgent clarity on Nigeria’s position in the energy transition and a realistic approach to funding.

“Where do we sit as Nigerians today on this energy transition plan? Where is the money to run the transition?

“Presently in Nigeria, it is difficult for a gas investor to determine end-to-end where the funds would be coming from. We need a strategy; we need to be serious. Or else, gas investors would rather take what they should have invested in the Nigerian economy to Mozambique or elsewhere.”

Emenike further warned about the economic risks associated with policy instability.

“Gas economics is such that it must be end-to-end. Even before you draw down the first financing, you have tied that investment to a commercial arrangement.

“When you have a business, as much as you think you know, in the case of Nigeria, once you put your leg out in this economy, you will see so many things flood in unexpectedly. Your IRR (rate of return) goes down the drain due to policy flip-flops and multiplicities of levies and fees.”

She insisted that the sector needs regulatory reforms and an end to what she described as rent-seeking behaviour by government agencies.

“We have to deal with the rent-seeking attitude of our regulators to enable investors repatriate their investment financing.

“They should stop flogging investors with all forms of regulations and later charge them with potential incidents of non-conformity, which translates to fines, even for not operating, after they have created the crisis.”

Calling for collaborative efforts, she advocated infrastructure sharing and coordination within the value chain.

“We need to leverage infrastructure to unlock the stranded assets across the country. We need to look at how to put together our war chest to achieve a lot for the industry. We need to set the rules of the game.”

She emphasised the importance of investor confidence and a market-driven approach.

“Every investor wants to see a clear line of sight. Market forces should be allowed to play out. The government should not create a monopolistic environment that stifles investment. They should allow it to have that flexibility.”

“None of these government officials understand how investors raise capital to finance their projects and the terms of it. Government has no business in business. They should stop the rent-seeking attitude and stop looking for short-term benefits. Quick fixes will not work.”

She has therefore challenged the FG to focus inwardly and begin with achievable solutions.

According to her, “There is much more to be gained if we have a very selfish Nigerian plan that focuses on Nigerian interests alone. This can service the entire Gulf of Guinea if we are serious. Let us start with the small gas fields.

She further urged the FG to stop putting benchmarks on gas for power, adding that the market forces should be allowed to dictate the price.

Engr. Emenike charged the Nigerian government to allow flexibility in the market and encourage alliances within the value chain operators.

As part of ongoing efforts to promote mutually beneficial partnerships and foster healthy competition, the Nigerian National Petroleum Company Limited (NNPC Ltd.) and Dangote Petroleum Refinery & Petrochemicals (DPRP) have pledged to deepen collaboration aimed at ensuring Nigeria’s energy security and advancing shared prosperity for Nigerians.

This commitment was made during a courtesy visit by the President/Chief Executive of Dangote Group, Mr. Aliko Dangote, and his delegation to the Group CEO of NNPC Ltd., Mr. Bashir Bayo Ojulari, and members of the company’s Senior Management Team at the NNPC Towers, on Thursday.

During the visit, Dangote pledged to collaborate with the new NNPC Management to ensure energy security for Nigeria.

“There is no competition between us, we are not here to compete with NNPC Ltd. NNPC is part and parcel of our business and we are also part of NNPC. This is an era of co-operation between the two organizations.” Dangote added.

While congratulating the GCEO and the Senior Management Team on their “well-deserved appointments,” Dangote acknowledged the enormity of the responsibility ahead, noting that the GCEO is shouldering a monumental task, which he expressed confidence that, with the capable hands at his disposal in NNPC, the task is surmountable.

In his remarks, the GCEO, Mr. Bashir Bayo Ojulari assured Dangote of a mutually beneficial partnership anchored on healthy competition and productive collaboration.

Ojulari highlighted the exceptional caliber of talent he met in NNPC Ltd., describing the workforce as a dedicated, highly skilled and hardworking professionals who are consistently keen on delivering value for Nigeria.

Expressing the company’s readiness to build a legacy of national prosperity through innovation and shared purpose, Ojulari said NNPC will sustain its collaboration with the Dangote Group especially where there is commercial advantage for Nigeria.

Both executives also committed to being the relationship managers for their respective organisations through sustained productive collaboration and healthy competition, thereby envisioning limitless opportunities for both organizations.