The Secretary General Of the International Energy charter, Guy Lentz has advised Nigeria to ensure continuity in its Energy Policies as a way of encouraging Foreign investment.
Mr. Lentz gave this advice at a meeting with the Chairman of the Senate’s Committee on Science and Technology, Lilian Ekwenife in Abuja
His remarks come at a time when Nigeria is seeking to join the International Energy Charter for Sustainable Energy Development.
Nigeria’s bid to join the International Energy Charter is part of the country’s efforts to solidify its energy transition and diversify its economy away from its reliance on fossil fuels.https://www.tvcnews.tv/2022/07/prison-break-buhari-meets-service-chiefs-ministers-in-aso-rock-villa/
Following a two-day National Energy Summit in Abuja, the Senate Committee on Science and Technology met with a high-level delegation from the International Energy Charter in order to facilitate this multilateral agreement.
The delegation’s visit to Nigeria, according to the chairman of the committee, is extremely timely given the country’s current struggles with a severe energy shortage that is severely impairing other areas of the economy.
The Secretary General of the Charter, however, is of the opinion that Nigeria’s ongoing problems in the energy sector are due to inadequate foreign investment, which can only be changed through a consistent energy policy.
The Senate Committee reaffirmed the National Assembly’s commitment to facilitating the domestication of multilateral agreements related to energy that will attract foreign investors.
It also stated that work on the National Energy Sustainable Development Bill, which will establish a sector-specific legal, fiscal, and regulatory framework, has already begun. The Parliament will soon review the report and ensure the bill’s passage into law.
The delegation discussed the need to promote a favorable investment climate in Nigeria, as well as the role that the modernised Energy Charter Treaty can play in supporting the Federal Government’s strategy for long-term investments.
