…commends Tinubu administration for investor-friendly reforms, warns against persistent rent-seeking culture
…advocates co-sharing strategy among E&P firms to enhance efficiency, share risks, fast-track market access
Oredola Adeola
Engr. Chichi Emenike, Acting Managing Director and Gas Asset Manager at Neconde Energy Limited, has said that true sustainability for Nigeria must entail taking concrete action by responsibly managing its natural resources while actively developing them to strengthen national energy security.
She emphasized that the country’s sustainability drive must go beyond rhetoric and focus on practical, accountable resource development.
Engr. Emenike made this known during the second panel session with the topic: Sustainable Energy Future through Investments in Midstream and Downstream Infrastructure” at the just concluded NAEC Energy Conference 2025 in Lagos.
Neconde’s Ag. MD, who has spent 27 years across the industry value chains driving sustainability initiatives, emphasised that Nigeria must harness its abundant natural resources to ensure security and growth.
“What is paramount is our need for energy security as a country,” she said.
“While there is a global discourse around clean energy, we have a bunch of resources that we have not really optimized.
“Sustainability for Nigeria will mean tidying up our act while actively developing our resources,” she said.
According to her, Nigeria’s gas potential remains largely underutilized despite being a major asset for sustainable development.
“Nigeria is sitting on 230 trillion cubic feet (TCF) of proven gas, with a lifespan of about 90 years under current consumption rates, yet we have not really moved the needle,” she explained.
She stated that, in addition to the proven reserves, Nigeria holds an estimated 600 to 700 trillion cubic feet (TCF) of unproven gas reserves, which could extend the nation’s energy lifespan to well over 300 years.
Emenike noted, however, that the potential remains contingent on sustained exploration, infrastructure development, and favourable economic conditions.
She said, “Sustainability, for us, means doing the business more responsibly while cashing in on the country’s wide energy security gap — even as we sit on a whole bouquet of wonderful resources.
“That’s what true sustainability would look like.”
Gas Asset Manager at Neconde Energy Limited commended the President Bola Tinubu’s administration for creating a more enabling environment for investors across the oil and gas value chain.
She said, “In truth, the present administration has sent positive signals throughout the sector,” she noted.
“Some of the policy directions align with the Petroleum Industry Act (PIA), which, though not perfect, has given us traction.
“Like a rolling stone, we’ve been moving and changing. We’ve seen incentives, initiatives, and directives, particularly targeted at the midstream and downstream segments,” she said.
“Gas investors have seen initiatives such as tax holidays and targeted funding for pipeline projects,” she said.
“There’s already a fund in place for pipeline infrastructure, and many indigenous companies have been able to access it.
“Ultimately, while doing business in a challenging environment, there’s now a clearer line of sight for investors,” she said.
Emenike, however, emphasized that for sustained growth, pricing mechanisms and policy consistency must improve.
“Almost everything in this industry revolves around the dollar,” she stressed.
“Margins must be achievable within agreed timelines. We need to allow a willing-buyer, willing-seller scenario in gas pricing to attract real investment.
“There’s no point fixing a price ceiling and expecting operators to somehow figure out their profit margins,” she said.
She called for better understanding of the cost realities faced by upstream operators.
“To drill a well in the Niger Delta is not a joke,” she said. “Investors need encouragement to recoup their investments.
“Policies and regulations must be firm, but the rent-seeking attitude that still exists in the system is a crisis.
“We have a multiplicity of regulations, and everything should not always be about rent seeking,” she said.
On improving project efficiency, Emenike advocated for greater collaboration among Exploration and Production (E&P) companies.
“The co-sharing strategy among E&P players is to work with those who already have existing facilities,” she explained.
“What we’re looking at is getting to market quicker by spreading risks. Everyone brings what they have in their war room for collective optimization.
“That’s how to move the industry forward,” Ag. MD/Gas Asset Manager at Neconde Energy Ltd. noted.
