.Plan to stabilize company’s operations, as it deepens gas utilisation in-country
Chigozie Amadi
Eterna PLC, a leading integrated energy provider in the country has reiterated it commitment to expand its footprints in Nigeria and across the African continent.
Stressing that expanding its footpaths in key regions would solidify the company’s position as a leader in shaping the future of energy across Africa.
The newly appointed Managing Director/Chief Executive Officer of Eterna Plc, Mr. Abiola Lawal stated this at his maiden interactive session with energy correspondents in Lagos, where he reeled out his visions and plans for the company.
According to him “We are seriously planning to embark on an expansion phase, leveraging our strengths to penetrate new markets. we will also embrace a spirit of discovery – innovating and adapting to meet the evolving energy needs of our nation.
He noted that “Looking ahead, our aspirations extend beyond national borders. In alignment with our vision, we aim to extend our reach across the African continent. By expanding our footprints in key regions, we would solidify our position as a leader in shaping the future of energy across Africa.
“We aim to pursue strategic initiatives that foster sustainable growth, enhance our market presence, and deliver value to our stakeholder”.
Specifically to Eterna and his plans for the company, Lawal said he would envision the organisation’s journey unfolding in three strategic steps, which include to Stabilize, Expand, and Discover.
He mentioned that the oil marketing firm currently boasts of vast network of strategically located stations across 22 states and a 30,000-metric ton (MT) coastal storage tank farm in Ibafon, Apapa.
In addition, he stated that the company is also a Castrol-certified 35,000 MT lubricant blending plant in Sagamu, Ogun State, which grants Eterna the sole licence to distribute and blend Castrol’s brand of automotive and industrial lubricants in Nigeria.
Lawal further said, “I plan to first stabilize our existing operations, ensuring a strong and sustainable platform from which to grow.
Speaking on Challenges facing the industry , Lawal attributed some challenges facing oil marketing business in Nigeria to a number of factors including fluctuations in foreign exchange (FX), rising inflation, bad road infrastructure as well as issues relating to availability of petrol to marketers.
Lawal, who spoke on the background of the challenges associated with doing business in oil and gas in Nigeria, especially in the petroleum products marketing space, noted that the downstream sector encounters the same challenges that confront every business operating in the country’s dynamic landscape.
Lawal explained, “The volatility of foreign currency presents a constant hurdle, making it challenging to forecast and plan effectively. Fluctuations in exchange rates can significantly impact our import costs and financial stability.
“Moreover, the persistent rise in inflation adds another layer of complexity. This upward trend in prices escalates input costs, necessitating meticulous inventory planning and cost management strategies to maintain competitiveness in the market.
“Furthermore, the availability of Premium Motor Spirit (PMS) poses a significant challenge. Ensuring a steady supply of this essential fuel is crucial for meeting customer demand and sustaining our operations.”
He mentioned staff mobility as another issue the industry grapple with, arguing that retaining skilled personnel and ensuring their seamless movement within the organization was essential for maintaining operational efficiency and fostering a conducive work environment.
Additionally, he said the deplorable state of road infrastructure exacerbates logistical challenges, adding that transporting their products across the country becomes arduous and costly due to poor road conditions, hindering timely delivery and impacting customer satisfaction.
However, within these challenges, Lawal pointed out that astute visionaries discern opportunities for innovation and growth.
According to him, “by leveraging our resilience and ingenuity, we can navigate these obstacles and emerge stronger, seizing opportunities for progress amidst adversity.”
However, with the world engrossed in talks about energy transition and Nigeria advocating for energy justice for Africa, the Eterna boss posited that the energy trilemma had long been intertwined with the call for energy transition.
He maintained that balancing energy security, equity, and environmental sustainability was paramount for sustainable development.
He advised African leaders to prioritize investments in renewable energy sources like solar, wind, hydro, and geothermal power, saying these resources are abundant across many African countries and offer reliable and sustainable energy alternatives to fossil fuels.
“There should be a balanced approach to energy transition, focusing on economic growth, environmental sustainability, and social equity.
Furthermore, the private sector should play an active role in investing in cleaner energy solutions. By harnessing the potential of renewable sources and adopting cleaner technologies, we can collectively mitigate environmental impact and build a more sustainable energy future”, Lawal noted.
On what measures Nigerian government should take to catalyse the growth and sustainability of energy businesses in Nigeria in the country, Lawal stressed the need to raise awareness about alternative energy sources such as Liquefied Petroleum Gas (LPG).
He said government should implement incentives to encourage investment in renewable energy projects and also foster Public-Private Partnerships (PPPs) to facilitate collaboration and innovation in the energy sector.
“Enhance capacity building and skills development initiatives to empower individuals and organizations to embrace sustainable energy practices.
Facilitate access to finance for renewable energy projects through various mechanisms and financial instruments”, he stated
