Continuous energy supply is a crucial issue for all countries because it plays a significant role in their economic growth, advancement, development, as well as poverty eradication and security.
Fossil fuels remain the most important source of energy with oil and gas accounting for 34% of energy usage globally but also the major contributors to global climate change. Climate change affects the social and environmental determinants of health (WHO). Though health has been a determinant of production and economic survival across the ages, no event in recent memory has proven this than the novel Corona Virus (COVID-19) pandemic which has caused a major disruption in the energy landscape.
The unprecedented COVID-19 pandemic caused the price of oil to go negative for the first time in history. It has pushed down the net incomes of most oil companies with the smaller ones facing bankruptcy coupled with the lower oil price resulting from the hostilities between Russia and Saudi Arabia, leading to applications of quota to increase oil prices.
The pandemic has affected Nigeria more profoundly,as the country has been inundated by an energy crisis for over 30 years increasing the incidence of poverty by incapacitating industrial and commercial activities. Consequently, the current situation presents the perfect opportunity for Nigeria to put things right.
The energy transition offers Nigeria a real opportunity to diversify into a more sustainable paradigm, buoyed by an enormous renewable energy potential and the global campaign towards zero carbon emissions.
Based on the above, the discourse at NAICE 2021 aims to address the following:-
§ How does Nigeria as a country overcome the challenges ignited by the pandemic, towards achieving her full economic potential while simultaneously enhancing her resource base?
§ How do we get our people and institutions to start the process of planning for and adapting to climate change to mitigate the risk of further economic crises resulting from a possible reduction in demand for fossil fuels?
§ New technologies and adapted behaviour will have a structural impact on energy consumption. how will these be harnessed to achieve energy security and sustainable development?