Nigeria: Why Energy Security is Crucial for Wealth Creation – NNPC Chief Mele Kyari

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Mr. Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), has emphasized the critical role of energy security in enabling wealth creation in Nigeria. Speaking at the Ministry of Finance Incorporated (MOFI) Public Wealth Management Conference in Abuja, Kyari highlighted the interconnectedness of energy and wealth-generating activities, such as agriculture.

Kyari stressed that energy is essential for agriculture to thrive, enabling farmers to transport, preserve, and export their produce. He noted that Nigeria faces a significant energy deficit, with approximately 70% of the population lacking access to clean cooking fuel and over 50% lacking access to electricity.

Identifying obstacles to achieving energy security, Kyari pointed to insufficient investment in the energy sector due to uncertainties in the business environment and multiple taxes. He highlighted that Nigeria has received less than 3% of the total investment flow into Africa over the past decade.

Despite these challenges, Kyari reaffirmed NNPC Ltd.’s commitment to addressing the energy deficit and contributing to sustainable wealth creation. He cited NNPC Ltd.’s growth trajectory, transitioning from a loss position of N803 billion in 2018 to N2.5 trillion in 2022, as evidence of the company’s potential to lead wealth creation in Nigeria.

Kyari also highlighted NNPC Ltd.’s role as the highest tax-paying corporate entity in Nigeria, emphasizing its contribution to the country’s revenue generation. The NNPC chief’s remarks underscore the importance of energy security in driving economic development and prosperity in Nigeria

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