Vice President Yemi Osinbajo has urged oil and gas companies, particularly the Nigerian National Petroleum Company Limited (NNPCL), to invest in green hydrogen as the country moves forward with its energy transition.
This call was made by Vice President Yemi Osinbajo during the launch of a book titled “Understanding Natural Gas: A Nigerian Perspective” in Abuja.
“As a country, we should be thinking about this greener gas.” I feel that investments in hydrogen should be taken seriously. I am confident that NNPC Limited will consider this as we plan for the future. We must seize the chance to use our tremendous natural gas resources properly and wisely, while also charting a course toward a cleaner and greener future,” he says.
According to a report from Allied Market Research, the green hydrogen market was valued at $300 million in 2022 and is projected to reach $9.8 billion by 2028, growing at a CAGR of 54.7 percent from 2021 to 2028.
He added that there were already ongoing discussions about green hydrogen, which requires natural gas to produce, and that its huge investments are being taken advantage of globally.
Osinbajo also said that the energy transition plan, which involved a decade of gas proposals, must be duly followed, noting that its provisions chart a pathway forward that will see solar and renewable energy as the bedrock of the plan.
By 2060, when we want to attain net zero, we have a plan to build roughly 250 gigawatts of solar power plants. He continued that the plan also aims to prevent potential long-term employment losses, especially in the oil and gas sector, which has long dominated our economy.
According to Osinbajo, Nigeria’s energy poverty and development are serious dangers in addition to the existential threat posed by climate change. As a result, a balance between the energy transition and the threat posed by energy poverty must be struck.
