ENHANCING THE ECONOMIC GROWTH OF THE ENERGY SECTOR AS NIGERIA'S MINISTER OF PETROLEUM PLAYS HOST TO EQUATORIAL GUINEA COUNTERPART FOR A BILATERAL COLLABORATION.

+ Njoku Macdonald Obinna

Port Harcourt, Rivers State.

Access to modern energy services is one of the daunting challenges facing not just Nigeria, but also the African continent because energy is fundamental for socio-economic development and poverty eradication.

Statistics had shown that an estimated 60% to 70% of the Nigerian population does not have access to electricity, especially, those living in rural areas while those in urban cities endlessly resort to buying Premium Motor Spirit (PMS); fuel , to powering their generating set at workplace or home with the attendant noise and air pollution.

Key players, analysts and observers in the Oil downstream sector have maintained that the present power crisis afflicting Nigeria will continue unabated unless the government diversifies the energy sources in domestic , commercial and industrial sectors and adopts new approach and new available technologies to reduce energy wastages and to save cost.

The above, however, is what makes the visit to Nigeria's Honourable Minister of Petrolume for State , H.E. Timipre Marlin Sylva , by the Honourable Minister of Mines and Hydrocarbons of the Republic of Equatorial Guinea , His Excellency, Gabriel Mbaga Obiang Lima and his team, very strategic.

Arising from a strategic business meeting in Abuja , 4th Estate Reporters gathered, the two Ministers deliberated extensively on bilateral collaborations on energy transition and the need for African countries to work together both on bilateral and multilateral levels as a continent, so as to holistically harness the advantage of their rich natural resources as well as the huge deposit in oil and gas.

During the closed door meeting with the both countries technical teams which lasted for almost 4 hours , this reporter gathered , Nigeria's Minister of Petrolume for State, Timipre Sylva re- echoed the need to establish African Energy Bank (AFEB) through the African Petrolume Producers ' Organization (APPO) ; a laudable idea which the visiting Minister had taken to heart promising to reverse back to the country 's President.

Felicitating with Nigerians on a successful passage of the Petrolume Industry Act , PIA, Gabriel Obiang Lima said his country has been following developments in Nigeria 's Oil and Gas Industry, while emphasising the need to strengthen cooperations in a bid to boost economic development in Africa.

The strategic business meeting and deliberations concluded by tasking the technical teams of both countries to effectively produce concrete report that would translate to business opportunities between Nigeria Republic of Equatorial Guinea, Njoku MacDonald Obinna disclosed.

4thestatereporters