The African Energy Chamber (AEC), led by Executive Chairman NJ Ayuk, will be attending the highly anticipated Nigerian International Energy Summit on the 27th of February – 3rd March 2022. Taking place in Abuja, Nigeria, the Summit represents the government’s official event for the energy industry, uniting regional energy leaders and international investors for a week of dialogue, deals, and decision-making regarding Nigeria’s energy sector.
The Nigerian International Energy Summit is considered a must-attend event in both the country and the region. The Summit comes at time when the country is pursuing aggressive industry reforms and sectoral improvements to position itself as both a competitive and highly attractive destination for international investment. The most noteworthy of these include the Petroleum Industry Bill (PIB) – a consolidated legal framework that ensures both a transparent and strengthened energy sector – passed into law in 2021 by the Nigerian senate. The PIB has been instrumental in strengthening the country’s energy landscape while making Nigeria a top hydrocarbon investment destination.
With over 37 billion barrels of crude oil reserves, Nigeria has managed to position itself as one of the top producers in Africa. Now, as production begins to decline from ageing oilfields and international oil majors divest from African assets, the country is focused on accelerating exploration. By introducing attractive fiscal incentives for explorers, introducing a marginal field bid round, and making a strong play for foreign investment, Nigeria has set its eyes on becoming an even more formidable oil player.
Meanwhile, the country has been making significant strides regarding its Decade of Gas initiative, having launched a number of large-scale projects to enhance the share of gas in the country’s energy mix while positioning the country as a competitive gas producer and exporter. Projects such as the $2.8 billion, 614Km Ajaokuta-Kaduna-Kano (AKK) pipeline connecting the eastern, western, and northern regions of the country, as well as the construction of $10 billion Nigeria LNG Train 7 reaffirm the country’s commitment to gas.
“We will be going to Nigeria in March to have a real discussion on Nigeria and the role the country has and continues to play in Africa’s energy transformation. Nigeria represents one of Africa’s oil and gas heavyweights. With sizeable reserves, a strong regulatory framework, and the right political will in place, the country is set to usher in an industry revolution. At the Summit in March, we will be having conversations centered around oil, gas, and the future of African hydrocarbon basins. By coming to the Summit and engaging with key Nigerian stakeholders, regional and international investors can be introduced to some of Africa’s most attractive and lucrative opportunities,” stated Ayuk.
Ayuk will be leading an AEC delegation to Nigeria to engage with key stakeholders across Nigeria’s energy sector. Promoting the role of oil and gas, the position of Africa in global hydrocarbon supply chains, and how Africa can attract investment in a reduced capital expenditure, COVID-19 environment, the AEC is committed to both Nigeria’s and Africa’s energy futures.
