In a recent address at the Ministry of Finance Incorporated Public Wealth Management Conference in Abuja, Mr. Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), underscored the indispensable role of energy security in driving meaningful wealth creation initiatives.
According to a statement by Olufemi O. Soneye, Chief Corporate Communications Officer, NNPC Ltd., Kyari highlighted the interconnectedness between energy availability and the success of various economic sectors, particularly agriculture.
“Without energy, there can be no sustainable agriculture,” Kyari emphasised, noting that energy is vital for transportation, preservation, and even exportation of agricultural products. He pointed out that Nigeria faces a significant energy deficit, with a substantial portion of the population lacking access to clean cooking fuel and electricity.
Kyari identified several challenges hindering the achievement of energy security in Nigeria, including insufficient investment in the energy sector due to uncertainties in the business environment and burdensome taxation. Despite these obstacles, he assured attendees that NNPC Ltd is committed to addressing the energy deficit and laying the groundwork for sustainable wealth creation.
Highlighting NNPC Ltd’s recent financial performance, Kyari noted the company’s remarkable growth trajectory, from a loss position of N803 billion in 2018 to N2.5 trillion in 2022. He emphasized NNPC Ltd’s status as the highest tax-paying corporate entity in Nigeria, underscoring its contribution to the country’s economic development.
In conclusion, Kyari reiterated NNPC Ltd’s dedication to filling the energy deficit gap and driving the process of wealth creation in Nigeria, emphasizing the critical importance of energy security for the nation’s prosperity.