From Oluseye Ojo, Ibadan

In a bid to proffer lasting solutions to the specific energy challenges facing Nigeria, strategic stakeholders in the petroleum industry, governments, and academia, met in Ibadan, the Oyo State capital, on Wednesday and made transformative recommendations to the Federal Government for Nigeria to rise above the menace.

They met at the endowment/annual lecture series, with the theme: ‘Shaping the Future, Building Legends’, organised by the International Energy Services Limited (IESL), and the University of Ibadan Centre for Petroleum Energy Economics and Law (CPEEL), in honour of Dr. Diran Fawibe, a doyen of the Nigerian oil and gas industry, who is the Chairman of IESL.

The event was held at the International Conference Centre, UI, Ibadan, and it brought together for a roundtable discussion, Oyo State governor, Seyi Makinde; Dr. Diran Fawibe; Chief Investment Officer, NNPC Upstream Investment Management Services (NUIMS), Mr. Bala Wunti, who was the guest speaker on the occasion; Vice Chancellor, University of Ibadan, Prof Kayode Adebowale; Managing Director/Chief Executive Officer of IESL, Bayo Ige; Chairman of the event, Muyiwa Ajibola; and the moderator of the roundtable discussion, Adelowo Adesola. Researchers from CPEEL, and Ahmadu Bello University (ABU), Zaria in Kaduna State were also in attendance.

Fawibe, the Chairman of IESL, stressed the importance of bridging the gap between academic research and practical applications. According to him, “We want the university to serve as an integrator for the development of technology in the country. Research shouldn’t be for the sake of research, but we should see the results.

“The only way we can achieve this is by improving the academic environment, through collaboration with industry experts. By doing so, we can translate these efforts into the development of our country, as that’s the only way we can advance and keep up with other advanced nations.”

The guest speaker, Wunti, explained the importance of enhancing the skills of students, enabling them to become competent and confident professionals. He also emphasised that courage and informed decision-making would prepare them for success in a legendary environment.

Wunti also noted the potential of the energy sector and proposed collaboration among academics, policymakers, and the public to harness its benefits. He advocated creation of a collaborative platform that would bring together, individuals from various sectors and industries to address the challenges being faced by the country.

Governor Seyi Makinde of Oyo State, who was represented by his Executive Assistant on Administration, Pastor Idowu Ogedengbe, promised to leverage power supply to unlock economic growth and empower young population in the state.

He stated that the state recognised the crucial role that energy plays in driving progress and would capitalise on the opportunities presented by the Energy Act Regulatory Commission, signed into law by the Federal Government recently to provide avenues for resource exploration and the establishment of thriving industries in the state.

Makinde added that the state government would take advantage of the regulatory framework and explore the untapped potentials of various energy resources, saying by doing so, the state aimed to establish industries that will not only boost economic growth, but also create employment opportunities for the youth.

His words: “The state government aims to attract investments and foster a conducive business environment that encourages private sector participation in the energy sector. Moreover, the state envisions a future where natural resources are responsibly managed, and ensuring their sustainable use for the benefit of present and future generations. This approach will not only promote economic growth, but also safeguard the environment and address the challenges being posed by climate change.”

Vice Chancellor, UI, Prof Adebowale, who was represented by Deputy Vice Chancellor (Academics), Prof Aderonke Bayeroju, stressed the need to unlock the potentials of interdisciplinary collaborations. He urged stakeholders from academia, industry, and government to leverage their collective wisdom and expertise to drive national development.

“Together, we can forge a future that is sustainable, inclusive, and abundant. We should also reflect collective energy, which requires innovative thinking for positive impact, leading to success and economic growth,” Adebowale said.

Managing Director of IESL, Bayo Ige, an engineer, in his remarks, said what past administrations in Nigeria did to address the challenges in the petroleum industry as a country did not working. He, however, urged Nigerians to give the policies, being evolved by the administration of President Bola Tinubu to transform the sector a chance and see how it goes.

“If the government can manage the fund and ulitilise it properly for the development of the country, everyone would be better for it. The government should focus more on production of oil and gas because we have not done any major project. When you have oil and gas, what you do is, you exact what you have and establish more projects to back it up.

“The situation we are in, in Nigeria is that we don’t have more projects. So, what the government needs to do is to make sure that projects are established and if that goes ahead, the oil and gas would take our pride of place, and there will be activities to the country and these will help with exchange rate.”

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