How Nigeria Can Achieve Full Deregulation- Axxela

Olufisayo Duduyemi, Chief Strategy Officer Axxela Limited has suggested how Nigeria can achieve full deregulation in the course of the current energy transition being experienced globally.

He spoke during a panel discussion at the 2021 NAEC Strategic International Annual Conference with a theme, ‘PIA: Energy Transition  And the Future of Nigeria’s Oil and Gas, held in Lagos.’

According to him, deregulation of the downstream of the petroleum industry should be based on local production to enable the economy move in expected direction.

Duduyemi further explained that in the context of energy transition, it is acknowledged that there would be a significant reduction in the use of fossil fuel in the years ahead, urging Nigeria to switch over to natural gas as fuel of choice.

He stated that it is through the usage of natural gas that Nigerians can experience some soft landing from the effects and impact of full deregulation of the downstream sector of the oil and gas industry.

The Axxela Chief Strategy Officer advised that the country’s gas resources should be harnessed and monetised.

“Let us put gas into our processes and industries. By so doing cost of production would reduce, cost of commodities would drastically reduce and would become more available to the masses, this is the role natural gas is playing now and in the future,” he said.

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