Financial Energy Review
…..by Ben Ndubuwa…..
Philip Mshelbila, the Managing Director of Nigeria Liquefied Natural Gas (NLNG) Ltd., has called for over $200 billion in annual investments to meet Africa’s energy and climate goals. Speaking at the networking reception hosted by NLNG during the 2024 World LNG Summit and Awards, Mshelbila emphasized the urgency of this investment, particularly in light of the continent’s young and growing population.
Mshelbila, who was represented by Nnamdi Anowi, NLNG’s General Manager for Production, delivered a powerful address that highlighted the critical need for energy investment in Africa. “Africa’s energy sector requires over $200 billion in annual investments to meet the growing energy demands of a youthful population with a median age of just 20,” he stated. “The stakes have never been higher, particularly in a continent where the average GDP per capita is only a quarter of the global average.”
With the summit themed “Achieving the Balance Between Energy Security and Decarbonisation,” Mshelbila discussed the complex challenge of balancing immediate energy needs with the urgent transition to cleaner, more sustainable energy sources. “The global energy investment landscape requires a critical balancing act: the need for immediate energy access through fossil fuels, alongside the urgent transition to sustainable energy sources,” he remarked.
At the heart of NLNG’s strategy, according to Mshelbila, is the use of natural gas. He stressed that natural gas is not just a temporary solution but a vital component of the energy mix. “At NLNG, we understand this duality. As one of Africa’s leading energy companies, we are dedicated to sustainably producing Liquefied Natural Gas (LNG), a cleaner energy alternative. Natural gas is not only a bridge in the energy transition journey but also a sustainable component that enhances renewable sources like solar and wind,” he explained.
However, Mshelbila also acknowledged that investment alone would not suffice to unlock Africa’s full energy potential. “To truly harness Africa’s energy resources, we need a collaborative environment,” he added. “Policymakers, private sector players, and investors must work together to create enabling frameworks that will attract capital.” He called for increased transparency, improved infrastructure, and the development of human capital capable of driving innovation and the implementation of energy projects across the continent.
Mshelbila emphasized that aligning these objectives would not only foster economic growth but also improve the welfare of communities and support environmental sustainability. “The time for action is now. Let us invest in Africa’s energies with a shared vision for a prosperous, sustainable future,” he urged.
As part of NLNG’s commitment to sustainability, the company recently unveiled a new brand identity, including a refreshed logo and tagline, both of which represent the company’s long-term dedication to innovation, excellence, and sustainability. “Our new logo is not just a visual change; it symbolizes our commitment to evolving with the times while staying true to our core values,” said Mshelbila.
He also reaffirmed NLNG’s vision to provide energy that improves lives in a sustainable manner, highlighting the importance of strengthening the natural gas industry in promoting environmental stewardship and economic prosperity.
In addition to Mshelbila’s remarks, Parul Patel, Operations Manager at DMG Events, praised NLNG for its significant contributions to the LNG sector and its role in fostering collaboration within the industry. “NLNG has made substantial investments in LNG, reinforcing its commitment to sustainable energy solutions. These investments have not only enhanced Nigeria’s position in the global LNG market but have also contributed significantly to the local economy,” Patel said.
Patel also commended NLNG for hosting the networking reception, noting that it provided a vital platform for industry stakeholders to engage and discuss the future of LNG in Nigeria. “The support from Nigeria LNG Limited is vital as it facilitates growth and innovation, paving the way for a more sustainable energy future,” she added.
The 2024 World LNG Summit and Awards, which took place in Berlin, gathered 750 attendees and 200 speakers representing over 500 companies from across the energy value chain. The event, organized by DMG Events, highlighted the importance of collaboration in advancing sustainable energy solutions worldwide.
Mshelbila concluded his address by calling on global stakeholders to work together to create a transformative energy landscape. “Together, we can create a sustainable future for the world by unlocking Africa’s energy potential,” he said.
