The Nigerian Association for Energy Economics (NAEE) has advocated for strategic interventions to cushion the consequences of the removal of subsidy on Premium Motor Spirit (PMS) called fuel.
The association called for options for economic opportunities and enabling environment for massive investment in the energy industry for competition to thrive in the open market followed by deregulation.
Prof. Yinka Omorogbe, NAEE President, made this known on Friday in Abuja while briefing newsmen on its forthcoming 16th Annual NAEE/IAEE International Conference, dinner and awards night.
The News Agency of Nigeria (NAN) reports that the conference, scheduled to hold from July 9 to July 11, 2023 will have as its theme: “Energy Evolution, Transition and Reform: Prospect for African Economics”.
Omorogbe said an enabling environment by government, legal and regulatory framework, removal of regulatory bottlenecks and tax holidays among others for investors would spur massive investment in the midstream sector.
“For a long time, the association has taken the decision that the fuel subsidy implementation is more injurious than beneficial to Nigerians and generally speaking, people have advocated that it should be removed.
“Fuel subsidy created huge avenue for terrible practices, with many loopholes and fraud. Its removal is a right step but there should be strategies to cushion its removal effect.
“The new Petroleum Industry Act does not capture subsidy, everything is premised on a market driven environment for the Nigerian petroleum industry.
“Right now we have electricity dependent on gas, the question is why did we not have good legal and regulatory framework for gas,’’ she said.
The president, however, said concurrent issues centred around energy economics, especially on achieving economic security and net zero carbon emission targets would be deliberated in the plenary sessions.
According to the president, the conference aims at achieving innovative solutions to the global energy trilemma and the financing of energy transition for climate justice.
Speaking, Mrs Priscillia Ekpe, Vice President (Membership and Liaison), NAEE said the conference would showcase Petroleum Roundtable with the theme ‘Managing the Consequences of Subsidy Removal on Energy Affordability’ tackling its burning issues.
Ekpe said the conference would also explore the options for economic opportunities and massive investment in the energy and power industries.
According to her, the options would be targeted at competitive open market for efficient energy, power infrastructure, transmission and sufficiency.
The conference which will feature professionals, industry players, regulators and business moguls, will deliberate and proffer solutions to salient issues and current energy challenges.
It will also feature its annual general meeting and fellowship, public service, corporate service and energy correspondents’ awards ceremony. (NAN)
