During the unveiling of a book titled “Understanding Natural Gas: A Nigerian Perspective” in Abuja, Vice President Yemi Osinbajo called on the Nigeria National Petroleum Company Limited (NNPC Ltd) to invest in green hydrogen as a means of transitioning to clean energy. The Vice President stated that the world is currently experiencing a shift in energy demand, and as such, Nigeria must consider alternative low-carbon sources of energy, such as green hydrogen.
He also expressed his belief that investments in hydrogen are crucial and that NNPC should take it seriously in their future plans. Osinbajo further reiterated the need for Nigeria to pursue a faithful implementation of an energy transition plan that involves a decade of gas proposals.
According to the plan, the country intends to develop about 250 gigawatts of solar plants by 2060 to achieve Net Zero. It also outlines decarbonisation strategies for power, oil and gas, and transportation, while aiming to mitigate against the possible long-term job losses in the oil and gas sector.
The book’s author, Dr David Ige, and co-author, Mr Dapo Akinosun (SAN), both commended the Vice President for his advice to look into Gas Law several years ago, which led to the creation of the book. Ige, the CEO of GasInvest Limited, a natural gas consulting and investment company, revealed that he started his personal sojourn in natural gas 18 years ago when there was little or no data on gas.
He commended his co-author for ensuring that the book’s content was adopted for its relevance to legal practitioners, particularly young players who would be entering the natural gas industry for the first time, while Akinosun, who specialises in gas, banking and finance, foreign investment, divestment, and commercial dispute resolution, expressed his passion for the project and his collaboration with Ige.
The Vice President’s call for investments in green hydrogen is timely as the global demand for green hydrogen is anticipated to increase by 700% by 2050. Many countries are investing in low-carbon energy sources to reduce carbon emissions and achieve climate change targets. Osinbajo’s call to action will encourage more research and development in green hydrogen and other low-carbon energy sources, creating new job opportunities and sustainable economic growth for Nigeria.