FG is committed to improve availability of energy, petroleum products—Osinbajo

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Lagos  –   Vice president Prof. Yemi Osinbajo has said that the Federal Government was working assiduously towards ensuring availability and accessibility of energy and petroleum products.

Osinbajo, represented by his Senior Special Assistant on Power Privatisation, Mr Chiedu Ugbo, disclosed this at the ongoing Nigeria Energy Forum (NEF) on Tuesday, in Lagos.

The vice president said that the administration would ensure that the energy challenges were addressed in a sustainable manner.

According to him, the government will provide policies that will encourage private sector participation and resource mobilisation.

“It is a commonplace now to state that Nigeria is rich in natural resources like fossil fuel and renewable energy from hydro and solar.

“Nigeria is the largest oil producer in Africa and eleventh largest in the world with proven reserve of crude oil of about 35 billion barrels.

“The country also has the seventh largest natural gas deposit in the world and the highest quality rich in liquid and low sulphur.

“Despite these abundant resources, we still suffer serious challenges in the oil and gas sector.

“But the present administration acknowledges that social development and economic growth are largely dependent on sustainable energy as critical input.

“That’s why provision of sustainable energy to Nigeria is a cardinal objective of the administration,” he said.

Osinbajo also said government would provide enabling environment for the development of solar projects both at utility-scale and small home solutions.

The vice-president said that the administration was working to ensure that needed investment in transmission was made and to encourage private investors in the generation and distribution segments of electricity supply.

He said this was by creating the enabling environment that would l allow them to make the needed investment.

Speaking at the event, Mr Matthew Burton, the Director, Economic Growth and Environment Office, U.S. Agency for International Development said that despite real challenges in power sector, transformation was underway in Nigeria.

“I am hugely optimistic that the transformation underway in Nigeria will indeed result in a high performing sector capable of attracting domestic and foreign investment and delivering much needed electricity to Nigerian homes and businesses.

“By leveraging on U.S. strengths in energy technology and encouraging policy and regulatory reform, Africa is achieving results and facilitating future investment that will benefit both Africans and Americans,” Burton said.

News Agency of Nigeria (NAN) reports that the theme of the forumis: Sustainable Energy for All Nigerians; Challenges, Big Opportunities. (NAN)