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Major Oil Marketers Association of Nigeria (MOMAN) has pledged its support to the Federal Government’s energy transition and efforts to actualise net zero carbon emission target by 2060.
Its chairman, Olumide Adeosun, stated this at a press briefing over the weekend in Lagos to mark his one year anniversary as leader of the association.
“Our members are committed to the energy transition and the sustainable decarbonisation of our respective businesses. As a collective, we have embarked on several impactful initiatives and projects that signals that commitment to cleaner energy.”
Adeosun said the association had within the last one year organised several trainings for its members to improve efficiency and safety in the petroleum downstream sector operations.
He said MOMAN had been engaging with the National Gas Expansion Programme (NGEP) to drive the expansion of the use of gas in Nigeria.
He said the association had recently reviewed the contents of the Federal Government’s Auto Gas policy and sent in a memorandum with inputs to the policy.
“My members are ready to move as long there is regulatory and policy clarity,” he said.
Adeosun, who is also the Chief Executive of Ardova Plc, said as part of these efforts, the company had invested in the construction of a 20,000MT Liquefied Petroleum Gas (LPG) storage facility in Ijora, Lagos.
He said this new capacity which would come on stream in 2023 would enable economies of scale for coastal gas delivery and help deepen the adoption of LPG as the cooking fuel of choice nationwide.
Adeosun also reiterated MOMAN’s position for the petroleum downstream sector going forward, especially with regards to the continued payment of fuel subsidy by the government.
“We have tabled our recommendations to the government on our considered view on subsidy removal approach. It can best be summarised as full deregulation in phases. These huge subsidy payments are simply not sustainable. The Government should focus on palliatives for Nigerians such as mass transit, improve power supply, agriculture, education etc. Government may subsidise sectors that would stimulate sustainable economic growth,” he said.
