Africa needs over $200 bn annually to meet energy , climate goals, says NLNG
CHIGOZIE AMADI
The Nigeria Liquefied Natural Gas Ltd. (NLNG) has emphasised that Africa is at a pivotal point in its energy journey, noting that achieving energy and climate objectives will demand annual investments exceeding $200 billion.
Mr Philip Mshelbila, Managing Director of NLNG, disclosed this during a networking reception hosted by Nigeria LNG Ltd., held in Berlin, Germany, as part of the 2024 World LNG Summit and Awards.
TThe Business Intelligence (TBI Africa) reports that the 2024 World LNG Summit and Awards with the theme “Achieving the Balance Between Energy Security and Decarbonisation”.
Mshelbila was represented by Mr Nnamdi Anowi, General Manager of Production at NLNG, said this level of investment is critical to meet the growing energy demands of Africa’s youthful population, which has a median age of just 20 years.
He noted that “in a continent where the average GDP per capita is only a quarter of the global average, the stakes have never been higher.”
“The global energy investment landscape requires a delicate balancing act: ensuring immediate energy access through fossil fuels while urgently transitioning to sustainable energy sources,” he stated.
At NLNG, Mshelbila highlighted the company’s commitment to producing Liquefied Natural Gas (LNG) sustainably, viewing natural gas as both a crucial bridge in the energy transition and a vital component of the broader energy mix that complements renewable sources like solar and wind.
“However, investment alone is not enough. To truly tap into Africa’s energy potential, we must cultivate a collaborative environment,”
“Policymakers, private sector players, and investors need to work together to create frameworks that attract capital,” he added.
He stressed the importance of enhancing transparency, improving infrastructure, and developing human capital to drive innovation and implement energy projects effectively.
“The responsibility lies with all of us. It is imperative that we align our goals, not just for economic growth but for the welfare of our communities and the sustainability of our environment.”
“The time for action is now. Let us invest in Africa’s energy future with a shared vision for prosperity and sustainability,” he urged.
Highlighting NLNG’s commitment to sustainability, Mshelbila mentioned the company’s recent rebranding, which includes a new logo and tagline that reflect their dedication to a sustainable future.
“Our new logo symbolizes our commitment to innovation, excellence, and evolving with the times while remaining true to our core values,” he remarked.
He concluded by reaffirming NLNG’s mission to provide energy that improves lives sustainably, emphasising the strategic importance of the natural gas industry in fostering environmental stewardship and economic prosperity.
In her remarks, Parul Patel, Operations Manager at DMG Events, commended Nigeria LNG Ltd. for its significant investment in LNG and its support for stakeholders.
She noted that NLNG’s efforts not only enhance Nigeria’s standing in the global LNG market but also positively impact the local economy.
Patel praised NLNG for hosting a welcome reception for stakeholders, providing a vital platform for networking and discussing the future of LNG in Nigeria.
“NLNG’s support is crucial for fostering growth and innovation, paving the way for a sustainable energy future,” she added
TBI Africa also reports that the 24th World LNG Summit and Awards, organised by DMG Events, attracted 750 attendees and featured 200 speakers from 500 companies across the energy value chain.
