Energy transition has gulped $755bn globally as Nigeria is in transiting period – Wunti

The Group General Manager, National Petroleum Investment Management Services (NAPIMS), Engr. Bala Wunti, says Nigeria is in energy transiting period just as he disclosed that the world had spent $755 billion on energy transition to date.

According to him, the transition requires a lot of funds which is not easy to come by.

Wunti said the global transition to cleaner energy matched with capital investment and technology would be successful.

There is need to increase energy access and sustain development while transiting to cleaner energy sources.

The Nigerian National Petroleum Company Ltd (NNPC) is transiting, Nigeria is in energy transiting period; we are in the era of energy transition.

According to Bloomberg, $755 billion has been spent on energy transition globally and it will go up in 2023 and beyond. Funding is not an easy thing.

We (NAPIMS) are enablers of national development and growth, and we also manage 75 percent of the nation’s hydrocarbon reserves,’’ Persecondnews.com quotes Wunti as saying at the 2022 Nigeria International Energy Summit in Abuja on Wednesday.

To achieve a low carbon, he said there was the need to reduce gas flare, emissions and deploy the technology, adding that there is nexus between finance, energy and investment.

The NAPIMS boss warned that by 2050 to overlook hydrocarbon, it will create a dire strait.

“We are a gas country and we need to leverage on it. We need to export our gas and also provide for power generation locally.’’

Wunti, whose experience in oil and gas spans over 30 years, stressed the need to advance energy transition through innovation.

He said the 5Rs in energy renewal – reduce, replace, reuse, repurpose and recycle – should be adopted in the drive towards energy transition and commended the gas evolution being championed by the NNPC under the leadership of Malam Mele Kyari.