{"id":468494,"date":"2020-10-01T09:47:59","date_gmt":"2020-10-01T08:47:59","guid":{"rendered":"https:\/\/www.kapitalafrik.com\/?p=468494"},"modified":"2020-10-01T09:47:59","modified_gmt":"2020-10-01T08:47:59","slug":"op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2020\/10\/01\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\/","title":{"rendered":"Op-Ed: 60 Years After Independence Nigeria\u2019s Energy Industry Hasn\u2019t Realized Its Promise \u2014 But It\u2019s Getting Closer"},"content":{"rendered":"
<\/div>

Par NJ Ayuk\u00a0<\/strong><\/h4>\n

On Oct. 1, 1960, everything seemed possible for Nigeria: After nearly 80 years of colonialism under Great Britain, it was finally an independent nation.<\/p>\n

During the newly independent nation\u2019s earliest days, there was every reason for Nigerians to envision a bright future for themselves and their country, one in which Nigeria\u2019s vast oil and gas reserves would deliver widespread prosperity. One of stability and growth.<\/p>\n

Tragically, Nigeria\u2019s story moved in a different direction. Yes, there was a brief period of economic growth, but that was followed by multiple coups, civil war, military rule, corruption, and poverty. Instead of helping everyday Nigerians, the country\u2019s oil wealth went to an elite few in power while leaving communities, particularly those in the Niger Delta, to deal with environmental degradation and dwindling means of supporting themselves. Instead of using its oil revenue to strengthen other sectors and diversify the economy, Nigeria has made oil its primary source of government revenue. In recent decades, instability in the region has only worsened and contributed to the rise of terrorist groups like Boko Haram.<\/p>\n

I still believe that 60 years of independence is an important milestone. We still have much to celebrate, including a future in which we can right the wrongs of our past.<\/p>\n

While getting Nigeria to the point where it can realize the full potential of its petroleum resources has been slow going, the country appears to be on the right track. As I write this, Nigeria\u2019s long-awaited Petroleum Industry Bill (PIB) \u2014 intended to bring transparency and new life to the country\u2019s oil and gas sector \u2014 is closer than ever to passage. Nigeria is working to monetize its natural gas resources, and we\u2019re seeing great interest in the latest marginal field bidding round.<\/p>\n

So like those who celebrated their nation\u2019s independence in 1960, I\u2019m hopeful about Nigeria\u2019s future. My optimism might be tempered a bit by Nigeria\u2019s unresolved challenges, including continuing concerns about government transparency, but it has not by any means been extinguished. I truly believe that Nigeria can learn from its mistakes, take a strategic approach to the opportunities before it, and create a country where all Nigerians can begin a chapter of safety and prosperity. Nigeria\u2019s energy industry can realize its full promise.<\/p>\n

Nigeria is Rich in Resources, Poor in Policy<\/strong><\/h4>\n

Just like I believe that Nigeria\u2019s oil and gas are key to improving the country\u2019s future, I see that mismanagement of these resources has contributed to many of its struggles. Too many times during the last 60 years, Nigeria\u2019s government has missed opportunities to channel the country\u2019s oil and gas resources into economic growth. It has been particularly frustrating to see Nigeria \u2014 with natural gas reserves at an estimated 185 trillion cubic feet \u2014 struggle with energy poverty. Only about 45% of Nigerians have electricity, and even those with access to the power grid deal with regular power outages.<\/p>\n

Again, weak governance plays a role in this. Violence and security issues, and Nigeria\u2019s reputation for corruption, have slowed Nigeria\u2019s ability to develop sufficient power plants and hindered foreign investment infrastructure. Meanwhile, Nigeria is paying a steep cost for its power shortages: about $28 billion or 2% of Nigeria\u2019s gross domestic product, as lack of power impedes Nigerian entrepreneurship, private investment, and job creation.<\/p>\n

I\u2019m certain that Nigeria could bring reliable power to more people by harnessing its natural gas resources. And, to its credit, the government has been talking in recent years about putting an end to Nigeria\u2019s costly and wasteful natural gas flaring \u2014 more than 276 billion cubic feet of natural gas was burned off from Nigeria\u2019s oil fields between September 2018 and September 2019 alone \u2014 and capitalizing on this valuable resource. But up to now, Nigeria\u2019s progress on this front has moved at an agonizingly slow pace. The government, for instance, set a Zero Routine Flaring target for 2020 but announced in August that it will not be able to reach its goal. It also has failed to set a new goal.<\/p>\n

Then there is the issue of corruption, which has fed into dangerous chain reactions. In 1966 and 1967, shortly after Nigeria gained its independence, corruption was used to justify coups that led to civil war, and ultimately, to military rule for nearly three decades. More recently, frustration over corruption has eroded confidence in local governments, which in turn, has made it easier for terrorist group, Boko Haram, to radicalize and recruit young Nigerians. What\u2019s more, corruption and mismanagement in Nigeria\u2019s security sector have hampered Nigeria\u2019s ability to effectively protect Nigerians from Boko Haram.<\/p>\n

This year, with Nigeria\u2019s economy dealing with the one-two punch of the COVID-19 pandemic and low oil prices, decisive government action is more critical than ever. As of late August, the economy had contracted by 6.1%, and 27% of Nigeria\u2019s labor force was unemployed.<\/p>\n

I want to be clear: I\u2019m not saying that Nigeria\u2019s problems are insurmountable. Not in the least. In fact, Nigeria is better positioned to start strategically capitalizing on its natural resources than ever before. And if the country can do that, it will be well on its way to a better future.<\/p>\n

All is Not Lost \u2013 Far From It<\/strong><\/h4>\n

While there\u2019s no guarantee that Nigeria\u2019s PIB will become law this year, it has reached an important milestone: President Muhammadu Buhari approved an updated version of the bill and presented it to the National Assembly Sept. 28 for their approval. Both chambers of the National Assembly have to pass the bill before it can be sent to the president for his final signature. If it is passed, the PIB would be transformational for Nigeria\u2019s oil and gas industry and, ultimately, for the country as a whole. It would play a vital role in addressing the inefficiencies plaguing the Nigerian National Petroleum Corporation (NNPC), from slow approval for oil projects to budget shortfalls that hinder its ability to pursue public-private partnerships. What\u2019s more, the bill would create a supportive environment for both IOCs and indigenous petroleum companies, help protect the environment and the interests of host communities, support economic diversification in Nigeria, and critically important, promote transparency in Nigeria\u2019s administration of petroleum resources.<\/p>\n

Putting the oil industry on strong footing also could give the government more room to maneuver when it comes to resolving problems in the Niger Delta \u2014 including environmental concerns, lack of economic opportunities, crime, and militant activity \u2014 and implementing reforms to restrain the advance of Boko Haram. If oil and gas production stabilize, for example, Nigeria\u2019s government will be better positioned to create jobs in the region, both in petroleum and other sectors, which likely would contribute to greater stability there. More investment by IOCs also could lead to much-needed infrastructure in the area, educational and job-training programs for locals, and environmental initiatives. And greater oil and gas revenue \u2014 followed by economic growth and diversification \u2014 would help Nigeria to fund the security resources it needs to enforce anti-terrorism measures.<\/p>\n

The PIB\u2019s progress is good news, but it\u2019s not the only reason I\u2019m optimistic for Nigeria. The government also deserves praise for launching, through the Department of Petroleum Resources, its first marginal field bid round in nearly two decades. Marginal fields hold discovered resources that have been left unattended for more than 10 years. Nigeria is offering 57 fields with total resources estimated at about 800 million barrels of oil and 4.5 trillion cubic feet of gas. Already, interest in the marginal fields has been high, and this could be just the jumpstart Nigeria needs to rekindle interest in the country\u2019s untapped resources.<\/p>\n

I also find it encouraging that Nigeria has moved a step closer to natural gas monetization through the Department of Petroleum Resources\u2019 creation of the Nigerian Gas Flare Commercialization Program. Proper channeling of flared gas could impact the country\u2019s gross domestic product by up to $1 billion per year, the department estimates. It could create up to 300,000 jobs, produce 600,000 million tons of liquefied petroleum gas per year, and generate 2,5 gigawatts of power. I commend the federal government for creating this program. Next, Nigeria needs to put in place the legislation, infrastructure, and pricing regulations necessary to make commercialization possible. Nigeria already has successful liquified natural gas (LNG) projects in place \u2014 just this year, Nigeria LNG Ltd. signed a $3 billion corporate loan to finance the construction of its seventh LNG train \u2014 and with the right policies, they can be even more beneficial.<\/p>\n

Also working in Nigeria\u2019s favor has been the country\u2019s membership in OPEC. Not only has OPEC played a critical role in stabilizing global oil prices through production cuts this year, it also has been working to secure the fair value of member countries\u2019 oil resources with the understanding that a thriving petroleum industry contributes to economic growth and improved standards of living. I believe Nigeria\u2019s membership in the OPEC Fund for International Development, a multilateral development finance institution that targets key projects \u2013 primarily in energy, transportation, agriculture, water, education, and health \u2014will be beneficial as well.<\/p>\n

It has been encouraging as well to observe the fantastic working relationship among OPEC Secretary General Mohammad Barkindo, Minister of State for Petroleum Resources Chief Timipre Sylva, and NNPC Group Managing Director Mele Kyari. In fact, Barkindo recently expressed a strong vote of confidence in both Nigerian officials. \u201cI\u2019ve known both Timipre Sylva as a friend and Mele Kyari as a colleague for a very long time,\u201d Barkindo said last year. \u201cI had worked with both, and I know that if they work together, they will make a good team that will provide the leadership and the corporation that the industry requires.\u201d The cooperation and respect among these leaders can only work in Nigeria\u2019s favor.<\/p>\n

Nigeria\u2019s Independence Must Be Respected<\/strong><\/h4>\n

As Nigeria takes measures to revamp its petroleum industry, leaders should be prepared to stand their ground against external forces eager to remake Nigeria\u2019s future in the image they want for it. I\u2019m referring to western environmental groups intent on influencing is how Nigeria, and other African countries, transition from fossil fuel production to sustainable energy sources. Many have been pressuring investors to stop supporting oil and gas projects in Africa to prevent climate change. Frankly, they need to back off.<\/p>\n

Nigeria is celebrating 60 years of independence. This is not the time to go backward. Outsiders need to respect Nigeria\u2019s right to control its own destiny \u2014 and to choose the path it takes to improve its future. Nigeria must be the one to map out and executive its energy transition. And it must do it on its own timetable. And Nigeria already is, by the way, beginning to embrace green technologies. With a $350 million World Bank loan, Nigeria plans to build 10,000 solar-powered mini-grids by 2023. The government also is investing in hydropower projects, including the $5.79 billion Mambilla Power Station in central Nigeria.<\/p>\n

All of those projects can work hand in hand to contribute to Nigeria\u2019s economic growth. No one should be pressuring Nigeria to miss out on the many benefits its petroleum resources offer. And today, when the country is finally moving toward harnessing its oil and gas resources in a way that could truly benefit everyday Africans, it would be heartbreaking to see non-Africans knock Nigeria off-course.<\/p>\n

Nigeria is So Close<\/strong><\/h4>\n

Sir Abubakar Tafawa Balewa, Nigeria\u2019s first prime minister, had this to say about an independent Nigeria: \u201cOur political advance will be of no value if it is not supported by economic progress.\u201d<\/p>\n

He was absolutely right.<\/strong><\/h4>\n

Nigeria needs revenue to resolve its challenges, and that revenue is within Nigeria\u2019s reach. With the necessary legislation in place, Nigeria can revitalize and capitalize upon its oil industry. And instead of flaring its abundant gas to power, Nigeria can start using it to power households and businesses. To provide feedstock for petrochemicals and help diversify the economy. The gas can even play a valuable role in Nigeria\u2019s energy transition by providing revenue for green initiatives.<\/p>\n

All of this is possible, Nigeria simply needs the kind of legislation and policies that are conducive for business to thrive. One of the best ways Nigeria could celebrate its 60th anniversary as an independent nation would be to finally put those measures in place.<\/p>\n

<\/div>","protected":false},"excerpt":{"rendered":"

Par NJ Ayuk\u00a0 On Oct. 1, 1960, everything seemed possible for Nigeria: After nearly 80 years of colonialism under Great Britain, it was finally an independent nation. During the newly independent nation\u2019s earliest days, there was every reason for Nigerians to envision a bright future for themselves and their country, one in which Nigeria\u2019s vast<\/p>\n","protected":false},"author":536766,"featured_media":468495,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":{"pmpro_default_level":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[12072,12591],"tags":[],"class_list":{"0":"post-468494","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-contributions-en","8":"category-feature","9":"post_format-post-format-aside","10":"pmpro-has-access"},"yoast_head":"\nOp-Ed: 60 Years After Independence Nigeria\u2019s Energy Industry Hasn\u2019t Realized Its Promise \u2014 But It\u2019s Getting Closer - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. The aim of Kapital Afrik is to provide financial and political news, give priority to human entrepreneurial experiences, lend life to economic policies, givemeaning to statistics. Our \u201cexaggerated pretensions\u201d inspire us. We will strive, and gradually, to conceive, comfort and reach them. Three versions, three approaches and a global vision. The website is constantly on the news. The newsletter relays information every morning to executives, bankers, university financiers, students. The monthly edition analyzes the information and explains the setbacks. A single credo initiates our journalistic approach: information = actors, facts = a pluralistic vision. We aspire to neutrality, but we assume our subjectivity\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.financialafrik.com\/en\/2020\/10\/01\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Op-Ed: 60 Years After Independence Nigeria\u2019s Energy Industry Hasn\u2019t Realized Its Promise \u2014 But It\u2019s Getting Closer\" \/>\n<meta property=\"og:description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. The aim of Kapital Afrik is to provide financial and political news, give priority to human entrepreneurial experiences, lend life to economic policies, givemeaning to statistics. Our \u201cexaggerated pretensions\u201d inspire us. We will strive, and gradually, to conceive, comfort and reach them. Three versions, three approaches and a global vision. The website is constantly on the news. The newsletter relays information every morning to executives, bankers, university financiers, students. The monthly edition analyzes the information and explains the setbacks. A single credo initiates our journalistic approach: information = actors, facts = a pluralistic vision. We aspire to neutrality, but we assume our subjectivity\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.financialafrik.com\/en\/2020\/10\/01\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\/\" \/>\n<meta property=\"og:site_name\" content=\"Financial Afrik\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/FinancialAfrik\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-01T08:47:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.financialafrik.com\/en\/wp-content\/uploads\/2020\/10\/unnamed-11.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1175\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Contribution\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Financialafrik\" \/>\n<meta name=\"twitter:site\" content=\"@Financialafrik\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Contribution\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/2020\\\/10\\\/01\\\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/2020\\\/10\\\/01\\\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\\\/\"},\"author\":{\"name\":\"Contribution\",\"@id\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/#\\\/schema\\\/person\\\/fd42d3e06ff03cbfe49e5dd2cc3aeb4b\"},\"headline\":\"Op-Ed: 60 Years After Independence Nigeria\u2019s Energy Industry Hasn\u2019t Realized Its Promise \u2014 But It\u2019s Getting Closer\",\"datePublished\":\"2020-10-01T08:47:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/2020\\\/10\\\/01\\\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\\\/\"},\"wordCount\":2069,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/2020\\\/10\\\/01\\\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/unnamed-11.jpg\",\"articleSection\":[\"Contributions\",\"Featured\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/2020\\\/10\\\/01\\\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/2020\\\/10\\\/01\\\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\\\/\",\"url\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/2020\\\/10\\\/01\\\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\\\/\",\"name\":\"Op-Ed: 60 Years After Independence Nigeria\u2019s Energy Industry Hasn\u2019t Realized Its Promise \u2014 But It\u2019s Getting Closer - Financial Afrik\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/2020\\\/10\\\/01\\\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/2020\\\/10\\\/01\\\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/unnamed-11.jpg\",\"datePublished\":\"2020-10-01T08:47:59+00:00\",\"description\":\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. The aim of Kapital Afrik is to provide financial and political news, give priority to human entrepreneurial experiences, lend life to economic policies, givemeaning to statistics. Our \u201cexaggerated pretensions\u201d inspire us. We will strive, and gradually, to conceive, comfort and reach them. Three versions, three approaches and a global vision. The website is constantly on the news. The newsletter relays information every morning to executives, bankers, university financiers, students. The monthly edition analyzes the information and explains the setbacks. A single credo initiates our journalistic approach: information = actors, facts = a pluralistic vision. We aspire to neutrality, but we assume our subjectivity\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/2020\\\/10\\\/01\\\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/2020\\\/10\\\/01\\\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/unnamed-11.jpg\",\"contentUrl\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/unnamed-11.jpg\",\"width\":1920,\"height\":1175},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/\",\"name\":\"Kapital Afrik\",\"description\":\"All African finance\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/#organization\",\"name\":\"Kapital Afrik | All African finance\",\"url\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.kapitalafrik.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/logo-430x76-kapital-afrik-.png\",\"contentUrl\":\"https:\\\/\\\/www.kapitalafrik.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/logo-430x76-kapital-afrik-.png\",\"width\":1740,\"height\":266,\"caption\":\"Kapital Afrik | All African finance\"},\"image\":{\"@id\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/FinancialAfrik\\\/\",\"https:\\\/\\\/x.com\\\/Financialafrik\",\"https:\\\/\\\/www.instagram.com\\\/financialafrikbusiness\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/in\\\/financial-afrik\\\/\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UCSeoXcgLHLSVaKqMP7cQaJQ\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/#\\\/schema\\\/person\\\/fd42d3e06ff03cbfe49e5dd2cc3aeb4b\",\"name\":\"Contribution\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/977ddc6725073863682c26a597fa658352af19097febbc88daa7f4a3f2297b8e?s=96&d=blank&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/977ddc6725073863682c26a597fa658352af19097febbc88daa7f4a3f2297b8e?s=96&d=blank&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/977ddc6725073863682c26a597fa658352af19097febbc88daa7f4a3f2297b8e?s=96&d=blank&r=g\",\"caption\":\"Contribution\"},\"url\":\"https:\\\/\\\/www.financialafrik.com\\\/en\\\/author\\\/contribution\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Op-Ed: 60 Years After Independence Nigeria\u2019s Energy Industry Hasn\u2019t Realized Its Promise \u2014 But It\u2019s Getting Closer - Financial Afrik","description":"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. The aim of Kapital Afrik is to provide financial and political news, give priority to human entrepreneurial experiences, lend life to economic policies, givemeaning to statistics. Our \u201cexaggerated pretensions\u201d inspire us. We will strive, and gradually, to conceive, comfort and reach them. Three versions, three approaches and a global vision. The website is constantly on the news. The newsletter relays information every morning to executives, bankers, university financiers, students. The monthly edition analyzes the information and explains the setbacks. A single credo initiates our journalistic approach: information = actors, facts = a pluralistic vision. We aspire to neutrality, but we assume our subjectivity","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.financialafrik.com\/en\/2020\/10\/01\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\/","og_locale":"en_US","og_type":"article","og_title":"Op-Ed: 60 Years After Independence Nigeria\u2019s Energy Industry Hasn\u2019t Realized Its Promise \u2014 But It\u2019s Getting Closer","og_description":"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. The aim of Kapital Afrik is to provide financial and political news, give priority to human entrepreneurial experiences, lend life to economic policies, givemeaning to statistics. Our \u201cexaggerated pretensions\u201d inspire us. We will strive, and gradually, to conceive, comfort and reach them. Three versions, three approaches and a global vision. The website is constantly on the news. The newsletter relays information every morning to executives, bankers, university financiers, students. The monthly edition analyzes the information and explains the setbacks. A single credo initiates our journalistic approach: information = actors, facts = a pluralistic vision. We aspire to neutrality, but we assume our subjectivity","og_url":"https:\/\/www.financialafrik.com\/en\/2020\/10\/01\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\/","og_site_name":"Financial Afrik","article_publisher":"https:\/\/www.facebook.com\/FinancialAfrik\/","article_published_time":"2020-10-01T08:47:59+00:00","og_image":[{"width":1920,"height":1175,"url":"https:\/\/www.financialafrik.com\/en\/wp-content\/uploads\/2020\/10\/unnamed-11.jpg","type":"image\/jpeg"}],"author":"Contribution","twitter_card":"summary_large_image","twitter_creator":"@Financialafrik","twitter_site":"@Financialafrik","twitter_misc":{"Written by":"Contribution","Est. reading time":"10 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.financialafrik.com\/en\/2020\/10\/01\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\/#article","isPartOf":{"@id":"https:\/\/www.financialafrik.com\/en\/2020\/10\/01\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\/"},"author":{"name":"Contribution","@id":"https:\/\/www.financialafrik.com\/en\/#\/schema\/person\/fd42d3e06ff03cbfe49e5dd2cc3aeb4b"},"headline":"Op-Ed: 60 Years After Independence Nigeria\u2019s Energy Industry Hasn\u2019t Realized Its Promise \u2014 But It\u2019s Getting Closer","datePublished":"2020-10-01T08:47:59+00:00","mainEntityOfPage":{"@id":"https:\/\/www.financialafrik.com\/en\/2020\/10\/01\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\/"},"wordCount":2069,"commentCount":0,"publisher":{"@id":"https:\/\/www.financialafrik.com\/en\/#organization"},"image":{"@id":"https:\/\/www.financialafrik.com\/en\/2020\/10\/01\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\/#primaryimage"},"thumbnailUrl":"https:\/\/www.financialafrik.com\/en\/wp-content\/uploads\/2020\/10\/unnamed-11.jpg","articleSection":["Contributions","Featured"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.financialafrik.com\/en\/2020\/10\/01\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.financialafrik.com\/en\/2020\/10\/01\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\/","url":"https:\/\/www.financialafrik.com\/en\/2020\/10\/01\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\/","name":"Op-Ed: 60 Years After Independence Nigeria\u2019s Energy Industry Hasn\u2019t Realized Its Promise \u2014 But It\u2019s Getting Closer - Financial Afrik","isPartOf":{"@id":"https:\/\/www.financialafrik.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.financialafrik.com\/en\/2020\/10\/01\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\/#primaryimage"},"image":{"@id":"https:\/\/www.financialafrik.com\/en\/2020\/10\/01\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\/#primaryimage"},"thumbnailUrl":"https:\/\/www.financialafrik.com\/en\/wp-content\/uploads\/2020\/10\/unnamed-11.jpg","datePublished":"2020-10-01T08:47:59+00:00","description":"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. The aim of Kapital Afrik is to provide financial and political news, give priority to human entrepreneurial experiences, lend life to economic policies, givemeaning to statistics. Our \u201cexaggerated pretensions\u201d inspire us. We will strive, and gradually, to conceive, comfort and reach them. Three versions, three approaches and a global vision. The website is constantly on the news. The newsletter relays information every morning to executives, bankers, university financiers, students. The monthly edition analyzes the information and explains the setbacks. A single credo initiates our journalistic approach: information = actors, facts = a pluralistic vision. We aspire to neutrality, but we assume our subjectivity","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.financialafrik.com\/en\/2020\/10\/01\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.financialafrik.com\/en\/2020\/10\/01\/op-ed-60-years-after-independence-nigerias-energy-industry-hasnt-realized-its-promise-but-its-getting-closer\/#primaryimage","url":"https:\/\/www.financialafrik.com\/en\/wp-content\/uploads\/2020\/10\/unnamed-11.jpg","contentUrl":"https:\/\/www.financialafrik.com\/en\/wp-content\/uploads\/2020\/10\/unnamed-11.jpg","width":1920,"height":1175},{"@type":"WebSite","@id":"https:\/\/www.financialafrik.com\/en\/#website","url":"https:\/\/www.financialafrik.com\/en\/","name":"Kapital Afrik","description":"All African finance","publisher":{"@id":"https:\/\/www.financialafrik.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.financialafrik.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.financialafrik.com\/en\/#organization","name":"Kapital Afrik | All African finance","url":"https:\/\/www.financialafrik.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.financialafrik.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.kapitalafrik.com\/wp-content\/uploads\/2020\/06\/logo-430x76-kapital-afrik-.png","contentUrl":"https:\/\/www.kapitalafrik.com\/wp-content\/uploads\/2020\/06\/logo-430x76-kapital-afrik-.png","width":1740,"height":266,"caption":"Kapital Afrik | All African finance"},"image":{"@id":"https:\/\/www.financialafrik.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/FinancialAfrik\/","https:\/\/x.com\/Financialafrik","https:\/\/www.instagram.com\/financialafrikbusiness\/","https:\/\/www.linkedin.com\/in\/financial-afrik\/","https:\/\/www.youtube.com\/channel\/UCSeoXcgLHLSVaKqMP7cQaJQ\/"]},{"@type":"Person","@id":"https:\/\/www.financialafrik.com\/en\/#\/schema\/person\/fd42d3e06ff03cbfe49e5dd2cc3aeb4b","name":"Contribution","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/977ddc6725073863682c26a597fa658352af19097febbc88daa7f4a3f2297b8e?s=96&d=blank&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/977ddc6725073863682c26a597fa658352af19097febbc88daa7f4a3f2297b8e?s=96&d=blank&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/977ddc6725073863682c26a597fa658352af19097febbc88daa7f4a3f2297b8e?s=96&d=blank&r=g","caption":"Contribution"},"url":"https:\/\/www.financialafrik.com\/en\/author\/contribution\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.financialafrik.com\/en\/wp-content\/uploads\/2020\/10\/unnamed-11.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/posts\/468494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/users\/536766"}],"replies":[{"embeddable":true,"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/comments?post=468494"}],"version-history":[{"count":0,"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/posts\/468494\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/media\/468495"}],"wp:attachment":[{"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/media?parent=468494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/categories?post=468494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.financialafrik.com\/en\/wp-json\/wp\/v2\/tags?post=468494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}