“WITH HUGE DEPOSIT OF OIL AND GAS IN THE CONTINENT, AFRICA HAS NO REASON TO REMAIN POOR” –STAKEHOLDERS
Stakeholders at the second edition of the International African Energy ,Oil and Gas Summit says there is no reason Africans should still be living in abject poverty despite the fact the continent is blessed with huge deposits of oil and gas .
Rising from the second edition of the International African Energy, Oil and Gas Summit with the theme, Balancing the need for smooth Energy Transition in Africa and the role of Artificial Intelligence in the Energy,the stakeholders also lamented that African citizens are not benefitting maximally from the proceeds of the oil revenue.
A communique issued at the end of the Summit quoted participants as observing that African economy is heavily reliant on oil and gas, as such there is an urgent need to diversify the economy.
Hon. Justice Suleman Galadima (Rtd.),Chairman African Peace Magazine Ltd (UK, Nigeria Angola & South Africa) and Noah Ajare Esq. Publisher/Editor in Chief African Peace Magazine Ltd (UK, Nigeria Angola & South Africa) signed the communique.
They agreed that there is an urgent need to accelerate the transition from fossil fuel to green energy and that all products from oil must be used, and there must be an end to gas flaring in Africa.
According to stakeholders,energy transition in Africa is not just a challenge; it is an opportunity to redefine our economy, create jobs, improve the lives of our people, and protect human environment.
The participants observed that Africa’s economic potential has been constrained by many structural issues, including inadequate infrastructure, tariff and non-tariff barriers to trade, fundamental obstacles to investment, uncertain government policies and reluctance of previous governments to take the necessary bold steps required to achieve sustained economic growth.
It expressed disappointment over Africa’s paradoxical situation of having natural resources that are not adequately utilized for Africa’s industrial development, one of which is clearly seen in the energy and oil and gas sector.
It also lamented that despite substantial gas reserves in Africa, it is still unable to explore gas to achieve adequate electricity generation.
According to the communique,the Summit recognized Africa’s potential in terms of mineral wealth and human resources, emphasizing the enormous opportunities available.
It added:”The historic reliance on fossil fuels has had adverse impacts on the environment, while the world’s energy needs are growing. Like many other regions, Africa has the difficulty of striking a balance between environmental sustainability and energy needs. There are several requirements for a seamless energy transition. It includes the need to lessen the negative effects of climate change while promoting economic growth, ensuring energy security, and reducing carbon emissions. Achieving these goals requires embracing renewable energy sources including biomass, solar, wind, and hydro.
“Artificial intelligence provides novel approaches for energy system optimization because of its abilities in data analysis, machine learning, and predictive modelling. The production, distribution, and use of energy are all being revolutionized by AI. AI optimizes energy generation through improved operational efficiency, better resource allocation, and demand pattern forecasting made possible by predictive analytics. Artificial intelligence (AI)-powered smart grid solutions dynamically control the distribution of energy, improving grid stability and allowing for variations from renewable sources”
The stakeholders resolved that sustained broad based economic growth and poverty reduction are critical to Africa’s economic growth and stability.
They implored African States and Governments to refocus efforts on infrastructure development, improve power generation, improve agricultural productivity, and expand jobs in rural areas,stressing that there should also be greater attention on youth employment through education and entrepreneurship skills training.
The Summit issued a cautionary message, highlighting the diminishing relevance of Africa’s current natural resources in the face of the imperative shift towards renewable energy solutions driven by climate change concerns. It stressed the urgency of embracing the new economic realities of the 21st century that will overshadow the significance of present natural resources.
They emphasized the need for a smooth energy transition, there is need to embrace Artificial intelligence.
The Summit noted the severe impact of insecurity on Africa’s development and examined the various factors contributing to this challenge. Key observations included the devastating effects of terrorism, non-participation of communities in security efforts, unemployment’s link to unrest and the need for regional cooperation and intelligence sharing.
The communique added:”The Summit recognized the detrimental role of porous borders, globalization’s influence on crime dissemination, inadequate security personnel training, contentious land allocation, indiscriminate release of suspects, government’s inaction against insecurity, and the presence of ungoverned spaces.
” All personnel responsible for preventing, controlling, and/or cleaning up oils spills in Africa should do more, they should be trained and to follow the Standard Operating Procedure. Training should be conducted annually. All spills should be documented and maintained. This should involve the host communities, the companies and the government.
“The Summit noted that Local content development is fast becoming a strategic management issue for multinational extractive companies in Africa with significant efficiency and profitability implications. As local content statutory regulators aim to increase the average local content value in the Africa’s oil and gas industry. There is an urgent need to embrace the spirit and the letter of the laws in other to achieve the desired results”
