A professor of Energy Economics, Prof. Akin Iwayemi, has identified the lack of right people and idea to drive the energy sector as its fundamental problem.
Iwayemi, a lecturer at the Department of Economics, University of Ibadan, Oyo State, said, “Nigeria has all it takes to flourish but for the lack of idea and right people to run the system.”
Also, the Director, Centre for Petroleum, Energy Economics and Law, UI, Prof. Adeola Adenikinju lent his voice, saying there was the need for the exploration of other sources of energy as it would be accessible to the rural dwellers and increase their income.
Speaking on the crises in the sector, the don lamented that the strategies in the sector had not been working.
He said there was a dislocation in the economy, pointing out that the energy sector contributed 14 per cent to the Gross Domestic Product while it contributed 95 per cent to the nation’s earnings.
“There must be a quick assent to the petroleum industry governance bill, which has been passed by the National Assembly, to help address the challenges in the industry. The nation’s refineries should be sold off. The strategies are not working. The incentives that encourage smuggling of the commodity should be dealt with,” he said.
The Director-General, Energy Commission of Nigeria, Prof. Eli Bala, also explained that the shortage of energy in Nigeria was as a result of wastage by Nigerians and not paucity of supply.
He added that the economy of the country solely rested on energy, adding that the more energy available for consumption, the better for the economy.
He said, “The purpose of this workshop is to introduce and sensitise the states, the local governments, and the academia in Nigeria about energy planning activities to anticipate energy challenges.
“As population is growing, our demand is increasing. The participants would learn how to introduce energy efficiency and observation in their planning so that we can effectively and efficiently utilise what we have without wastage.
“The complaints about shortage of energy in Nigeria cannot hold water; the real problem is wanton wastage of available energy by Nigerians.”
