NLNG MD: Africa needs over $200bn annually to meet energy, climate goals

Philip Mshelbila, managing director (MD) of Nigeria LNG Ltd, says Africa’s energy sector needs over $200 billion in annual investments to meet its energy and climate goals.

He spoke at a networking session reception hosted by Nigeria LNG at the 2024 World LNG Summit and Awards in Berlin, Germany, on Monday.

Mshelbila, represented by Nnamdi Anowi, NLNG’s general manager of production, said the investment was crucial to meeting the growing energy needs of a young and dynamic population with a median age of 20 years.

The MD said the stakes have never been higher in a continent where the average gross domestic product (GDP) per capita is only a quarter of the global average.

“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,” Mshelbila said.

“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.

“We see natural gas as not only a vital bridge in the energy transition journey but also a sustainable component of the energy mix, enhancing renewable sources like solar and wind.

“However, investment alone is not sufficient. To truly harness Africa’s energy potential, we must foster a collaborative environment.”

Mshelbila recommended that policymakers, private sector players, and investors work together to create enabling frameworks that attract capital.

The MD said there was a need to enhance transparency, improve infrastructure, and develop human capital that could spur innovation and implementation of energy projects.

Mshelbila said it was important that the goals were aligned, not just for economic growth but for the welfare of the communities and the sustainability of the environment.

“The time for action is now. Let us invest in Africa’s energies with a shared vision for a prosperous, sustainable future,” the MD said.

“We, at NLNG, are conscious of our sustainability hallmark. We recently refreshed our brand identity with a new logo and tagline that speaks to inspiring a sustainable future.”

He said the company’s positioning in the global scheme of things is to provide energy to improve lives sustainably.

“We believe in the strategic strengthening of the natural gas industry’s value in advancing environmental stewardship and economic prosperity,” Mshelbila said.

‘NLNG HAS MADE SUBSTANTIAL INVESTMENTS IN LNG’

In her remarks, Parul Patel, operations manager, DMG Events, said NLNG had made substantial investments in liquefied natural gas (LNG), reinforcing its commitment to sustainable energy solutions.

Patel said the investment had a major positive impact on the local economy in addition to strengthening Nigeria’s position in the international LNG market.

“As part of their ongoing efforts to foster collaboration and dialogue within the industry, NLNG recently hosted a welcome reception for all stakeholders,” Patel said.

“This event provided an invaluable platform for networking and discussing the future of LNG in Nigeria, showcasing NLNG’s dedication to strengthening partnerships across the energy sector.

“The support from Nigeria LNG Limited is vital as it facilitates growth and innovation, paving the way for a more sustainable energy future.”

Patel commended NLNG for its leadership and commitment to enhancing the LNG landscape in Nigeria.