Lagos, Oct. 12, 2023: Stakeholders in energy sector have called on the Federal Government to ensure successful transition from petroleum to alternative energy powered vehicles in the country.
They made the call at a webinar organised by BusinessDay/Major Oil Marketers Association of Nigeria (MOMAN) on Wednesday in Lagos.
The webinar is with the themed: “Exploring Alternative Energies” on the Policy Intervention Series on Alternative Fuel brought together industry.
They also advised the government to support with interventions that could improve the growth of alternative energy startups.
According to them, this will bring about a shift from traditional petroleum, therefore put an end to subsidies in the country.
The stakeholders said the challenges and opportunities facing transitional energies such as gas Liquified Petroleum Gas (LPG) and Compressed Natural Natural Gas (CNG) and alternative energies like solar, biofuels, and electric vehicles (EVs) were discussed, and solutions were proposed.
Speaking, Dr Henrietta Onwuegbuzie, Associate Professor, Entrepreneurship, Lagos Business School, said the initiatives could expedite the transition toward a more diversified and efficient energy mix.
Onwuegbuzie explained that such initiatives could expedite the transition toward a more diversified and efficient energy mix.
He said: “The discussion began by acknowledging the significance of BusinessDay’s policy intervention initiative, especially in light of a new administration.
“The event marked an opportunity for policy realignment, considering the promises and commitments made by the new government.
“The alternative fuel underscored the pivotal juncture at which our nation’s energy sector stands.
“Removing subsidies, coupled with strategic policy interventions and industry collaboration, has the potential to reshape our energy landscape into a more sustainable and prosperous future for all.”
Also speaking, Mr Idowu Suleiman, a Solar Business Developer, Commercial & Industrial TotalEnergies Marketing Nigeria Plc, said the removal of subsidies led to a significant surge in the adoption of solar energy solutions.
Suleiman said, notably, companies such as the TotalEnergies had made substantial investments in solar power, resulting in considerable cost savings and environmental benefits.
He noted that the TotalEnergies had over 250 retail outlets in the country running on solar.
Contributing, Mr Dele Faseemo, Energy & Infrastructure Finance Group, Sterling Bank, said this dispelled the myth that alternative energy sources were inaccessible, even in urban settings.
Faseemo said the bank was providing examples of solar-powered branches and a 17-storey office building at its Sterling Towers on Marina, Lagos, highlighting the versatility of solar solutions.
The expert said in respect to the cost reduction strategies, businesses and individuals were encouraged to explore cost-effective strategies.
According to him, this includes the adoption of alternative energies in their operations as well as the urgency of eliminating unnecessary dollar-based pricing, reducing operational costs.
Also, Prince Mustapha Audu, CEO, Electric Vehicle Motor Company, said the concerned about the Electric Vehicles (EVs) charging infrastructure were addressed.
Audu said while electric vehicle charging stations were emerging, individuals could utilise solar energy to charge their electric vehicles, promoting sustainability.
Mr Olufisayo Duduyemi, Chief Strategy and Services Officer, Axxela Ltd., said several entities were actively converting their fleets and generators from diesel to Compressed Natural Gas (CNG).
Duduyemi said achieving substantial cost savings, with some reporting up to a 70 per cent reduction in expenses.
Other stakeholders also spoke that the filling station of the future would transcend its traditional role as a refueling point for vehicles.
They said, rather, it would evolve into a dynamic hub offering a diverse range of cleaner energy options.
They also said that stations would no longer rely solely on traditional fossil fuels but would provide consumers with a wide array of sustainable energy choices.
The participants discussed critical issues regarding alternative energy sources and their role in shaping the future of our nation’s energy landscape.