Oil & Energy
Renewable Energy Can Create 300,000 Jobs For Nigeria – ICAN … Add $7.4bn Annual GDP
The Institute of Chartered Accountants of Nigeria (ICAN) has appraised the country’s renewable energy sector, saying it has the potential to create 300,000 jobs and contribute $7.4bn annually to the Gross Domestic Product (GDP) by 2030.
ICAN’s President, Mallam Haruna Nma Yahaya, who spoke at the Institute’s 8th Southern Zonal Conference held in Port Harcourt, Rivers State, further noted that aligning the country’s policies with the United Nations Sustainable Development Goals(SGG), particularly Goals 7, 12, and 13, could unlock more than $1trillion in market opportunities for Africa by 2030.
Appreciating the Government of Rivers State for its hospitality, Yahaya said, “The renewable energy sector alone has the potential to create over 300,000 jobs and contribute $7.4 billion annually to our GDP by 2030 if properly harnessed.
“Moreover, aligning our policies with the United Nations Sustainable Development Goals, particularly Goals 7, 12, and 13, could unlock more than $1 trillion in market opportunities for Africa by 2030. Eco-disruption, therefore, is not merely a challenge; it is also an invitation to innovation and leadership.
“As chartered accountants, we occupy a unique position at the intersection of finance, governance, and sustainability. We are called to champion the sustainability agenda through improved environmental accounting, sustainability reporting, and innovative green financing mechanisms.
“We can lead the way by promoting ESG disclosures and adopting the International Sustainability Standards Board frameworks, ensuring that our businesses and institutions not only comply with global requirements but also contribute meaningfully to sustainable development”.
Yahaya explained that integrating climate resilience into budgeting and incentivising eco-friendly investments would allow Nigeria to build a low-carbon economy while attracting green financing and stimulating growth in climate-smart sectors.
“Furthermore, by promoting public-private partnerships for green infrastructure, we can help the nation achieve its Net-Zero Energy Transition Plan”, he stated.
He encouraged all members to join the ICAN ESG and Sustainability Faculty to equip themselves with the requisite knowledge and competence to navigate the evolving landscape of environmental, social, and governance reporting, to position the professionals for leadership in the emerging global green economy.
In his keynote address, the Administrator of Rivers State, Vice-Admiral Ibok-Ete Ekwe Ibas (rtd.), said Nigeria’s sustainability challenges could be overcome by aligning applicable principles of accounting ethics and environmental stewardship.
The administrator indicated that by investing in green skills, civic engagement and being accountable, not only in financial deficits but ecological practices, Nigeria could build a nation that thrived within the global entity.
Expatiating on the theme, “Eco-Disruption and Sustainability Challenges: The Way Forward”, the administrator, represented by the Secretary to the State Government, Prof. Ibibia Lucky Worika, stressed that the topic was timely, especially against the background of recent changes in the world environment.
He said, “Our world is changing. Climate change, deforestation, pollution, and unsustainable consumption patterns are no longer abstract concerns. They are here, disrupting ecosystems, economies, and everyday life from the rising flood waters of the Niger Delta to the advancing desert sands in the north.
“Accountants and Eco-Disruption are an unlikely but vital alliance. It is not every day that you see a room full of accountants discussing eco-disruption. After all, when we think of accountants, we picture balance sheets, not biodiversity; ledgers, not lagoons; profit margins, not mangrove swamps. And yet, here we are about climate change with people whose natural habitat is the spreadsheet.
“I must say, if the planet knew its fate was being discussed by accountants, it might feel strangely reassured or start worrying about whether we are about to amortise the ozone layer.
“But in truth, your role in this conversation is critical. Because sustainable development is not only about planting trees, it’s about restructuring systems. It’s about applying logic, measurement, discipline, and ethics to our collective footprint. These are things accountants excel at”.
Highlighting the negative effects of eco-disruption in the Niger Delta, he said: “In the Niger Delta, where we are gathered today, the evidence is stark: coastal erosion and sea-level rise are threatening entire communities.
“Biodiversity is in decline, with mangrove forests and aquatic life under siege from oil pollution and invasive species. Rainfall patterns are shifting, compromising agriculture, food systems and freshwater supplies.
“Oil spills, bush burning, and deforestation continue to erode environmental health and human livelihoods. These disruptions not only threaten our environment, they destabilise our economy, our security and our very identity as a people.”
Ibas also stressed that strategies to develop effective policy towards environmental stewardship must change to ensure institutional reforms in cognisance of socio-economic, environmental and human sustainability.
He said, “The four pillars of environmental, economic, social, and human sustainability must now guide our policy choices and institutional reforms. We must move from extractive to regenerative systems.
“We must rethink how we produce, consume, and account for the value we create, not just in financial terms, but in ecological and social impact as well.
“Strengthen environmental governance and community engagement, support clean energy with targeted fiscal policies and green financing, promote afforestation and mangrove restoration, integrate sustainability into educational curricula and professional ethics, including accounting practices and invest in data, transparency and inclusive planning at all levels of government and industry”.
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Nigeria’s newest Electricity Distribution Company (DisCo), Aba Power, has gained consumers’ commendation for the provision of more smart meters than the other 11 Discos in the country combined in 2025.
The Electricity Consumers Association of Nigeria (ECAN), Southeastern Zone, gave the commendation in a statement signed by it’s Chairman, Engr.Joe Ubani, and Secretary, Comrade Chris Okpara, and issued at the end of its first 2026 Executive Committee meeting, held in Abakaliki, the Ebonyi State capital, at the weekend.
The statement revealed that all 12 DisCos in Nigeria provided 175,302 meters under the Meter Asset Provider (MAP) scheme and 44,104 prepaid meters under the vendor-financed framework as of the third quarter of 2025.
It said “Aba Power alone gave end-users over 100,000 smart meters by the end of last September.This means that Aba Power exceeded its 2025 target of giving its customers 100,000 smart meters by 2025, which many analysts thought was a stretch goal, meaning something that was initially thought to be impossible.
“More importantly, the data shows that Aba Power, despite being Nigeria’s youngest DisCo and the smallest in terms of population and geographical spread as it covers only nine of the 17 local government areas (LGAs) in Abia State, provided more prepaid meters than the other 11 DisCos combined”.
Citing figures sent monthly to NERC by the Head of the metering team at Aba Power, Engr. Alfred Atega, ECAN noted that the other 11 DisCos were carved out of the defunct Power Holding Company of Nigeria (PHCN) and got privatized in November 2013, stating though that the Nigerian government retains 40% shares in each.
The association disclosed that Aba Power was able to provide 122, 464 prepaid meters by the end of last year through vendor-finance arrangements with four Chinese and Nigerian metering firms adding that it supplied 116,883 single-phase meters and 5,581 three-phase meters.
Quoting the Aba Power senior brand and communication manager, Edise Ekong, ECAN explained that this utility metered all 122,464 customers from 27 feeders in and around Aba, Abia State’s economic nerve-centre.
According to the statement, Ekong said “We have actually since this year increased the number of metered customers to 133,000”, stated Ekong, also an engineer, according to ECAN.
“Work is progressing on three feeders, namely, the Omoba Feeder, the Geometric Feeder, and the Polymer Feeder as they have system issues.
“The customers on these feeders will be metered once repair and rehabilitation work on them is concluded”.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has unveiled Its vision for the country’s upstream sector.
This transformative vision rests on three pillars of Production Optimization and Revenue Expansion; Regulatory Predictability and Speed; and Safe, Governed and Sustainable Operations.
The Chief Executive, NUPRC, Mrs Oritsemeyiwa Eyesan, who disclosed this at a stakeholders meeting with members of the Oil Producers Trade Section (OPTS), the Independent Petroleum Producers Group (IPPG), emerging players and other major stakeholders in the oil and gas industry, in Lagos, recently, said this aligns with President Bola Ahmed Tinubu’s renewed hope agenda and his plan to hit a production target of 2mbpd by 2027 and 3mbpd by 2030.
Eyesan plans on increasing production and revenue expansion through the recovery of shut-in volumes with economic value, arresting decline, reducing losses, and accelerating time-to-first oil—without increasing burdens or transaction cost.
This, she said, had already begun by recently “turning on the light” in a long shut-in asset.
Eyesan explained that regulatory predictability and speed can be achieved by running regulation like a service, enforcing rules transparently and making quick time-bound decisions.
The new NUPRC boss plans to strengthen governance, process safety, host community outcomes, and encourage decarbonisation through safe, governed and sustainable operations.
“Going forward, the Commission will be measured on the following key success metrics -Faster, predictable regulatory approvals, higher, more secure and sustainable production, credible licensing and disciplined acreage performance, world-class Health, Safety and Environment (HSE) and process safety outcomes, trusted measurement, transparency, governance and data integrity,” she said.
Eyesan promised that under her leadership, the NUPRC would enhance regulatory efficiency and predictability by publishing Service Level Agreements (SLAs) for all major approvals adding that the timeline to production would be reduced through proactive discussions regarding all necessary approvals, implementation of stage-gate processes, and mutual agreement on timelines with the commission.
She said “Stakeholders are encouraged to submit their projects for consideration. For matured opportunities, please submit your request latest end of Q1, 2026. This would provide a simplified and holistic framework that creates obligations for both operators and the Commission.
“The Commission will launch a digital workflow for permitting, reporting and data submissions. NUPRC will work with the industry to identify capacity gaps and develop tiered intervention in the most critical areas with immediate impact on regulatory efficiency while we harmonize our own internal processes to eliminate conflicting regulatory actions and reduce friction”.
She revealed that the NUPRC’s internal transformation programme through a project Management office is in flight saying “I will provide more details on this in the coming days”.
The NUPRC boss also convened a CCE–Operators Leadership Forum for monthly engagement with participants including all operators of NNPC, OPTS, IPPG, and emerging players adding that it would be focused on approval timelines, production restoration, infrastructure integrity, and gas monetisation and development.
“This is expected to enable the NUPRC to identify systemic bottlenecks and provide greater predictability”, she said .
Eyesan also stressed the need to improve hydrocarbon accounting and measurement by tracking every barrel produced and promptly addressing discrepancies or losses.
On host community, the NUPRC boss encouraged all operators to liaise with the commission “as we plan first engagement with host community leaders to reaffirm commitment to HCDT (Host Community Development Trust) implementation”.
She also said one of her key goals is to ensure 100% to the Petroleum Industry Act within 12 months. This, she said, will be monitored with a dedicated team situated in her office.
“The commission going forward will issue quarterly progress reports. Let therefore bring all high impact shut in fields for approval. “On the Commission’s part, a 90-day program to fast track approvals for near-ready FDPs, well interventions, rig mobilisation and other quick-win opportunities have commenced,” the CCE stated.
The Group Chief Executive Officer, Nigerian National Petroleum Company Limited, Engr. Bashir Bayo Ojulari, has reaffirmed the company’s national mission, saying collective national prosperity shall be the driving force of the energy firm.
In his New Year message to staff, tagged ‘We Achieved. We Drive The Future’, Ojulari set the tone for 2026 priorities reflecting on strong delivery despite global energy volatility.
According to him, in 2025, the country recorded significant landmarks in oil exploration and production.
In his words, “Exploration and production achieved a record 355 thousand barrels of oil per day — the highest level since 1989,”
“We advanced production through Madu First Oil, Soku Pipeline optimisation, and the Akpo West Start-up, while commissioning Gbaran Nodal Compression Train.
“We reached major infrastructure milestones with the commissioning of the ANOH-OB3 pipeline and the successful AKK River Niger crossing.
“NNPC Retail expanded its footprint into the West African sub-region with our lubricant brand, Oleum.
“We successfully hosted the first-ever NNPC Group Earnings Call, announcing our audited 2024 financial results.
“We strengthened employee well-being through a much-improved compensation package. We welcomed 1,000 Tigers into our organisation to intentionally build the next generation of NNPC leaders.”
Explaining the success method of the company, the GCEO listed board and staff members as the major forces.
He said “Our Board showed visible support for execution excellence by approving the new Delegation of Authority and Delegation of Financial Authority frameworks to improve efficiency and empower leadership across the business.
“Behind each of these milestones are our people—your expertise, your judgement, and your belief in the potential of our organisation. These accomplishments belong to all of us collectively, and each of us should proudly identify with these great strides. Across every directorate, asset, and office, your collaboration, ownership, and commitment remain the true foundation of our success,” he said.
Disclosing the corporation’s future plans, Ojulari noted that although the previous initiative, the “’Fit-For-Future’ transformation imperatives established in the second half of 2025, had ensured a stronger foundation and a clearer focus for its operations in 2026, the new year would be anchored on four strategic attributes—Execution Excellence, Profitable Growth, Partner of Choice, and Enterprise-First Mindset.
On execution excellence, Ojulari promised to “deliver results with discipline and speed by applying a more effective cadence — setting clear rhythms for planning, execution, and review. By prioritising critical tasks and systematically driving execution, we will identify risks early, enable data-backed decisions, ensure clear accountability for outcomes, and achieve consistent operational excellence.”
Ojulari assured profitable growth by embracing robust partnerships adding that NNPC Limited is committed to “pursuing intentional and value-driven growth. By focusing on the right projects and investments, strengthening efficiency and applying commercial rigour, we will grow profitably and responsibly, delivering sustainable returns for NNPC Limited and long-term value for our ultimate stakeholders — Nigerians”.
“We seek to earn trust as a dependable, transparent, and performance-driven partner. By keeping our word, working transparently, and acting with integrity, we will deepen relationships with joint venture partners, investors, contractors, and host communities, unlocking greater value and accelerating delivery. Our partnerships will reflect who we are and what we stand for.”
On the new strategy of developing an enterprise-first mindset among staff and partners, Ojulari said NNPC Limited must remain focused on its goals.
“We must continue to think and function as one enterprise — deepening professionalism, functional excellence, and talent development. We must entrench collaboration above silos, promote shared success over individual wins, and embrace a mindset that prioritises long-term impact over short-term gains.
“This way, we ensure that we move faster, execute better, and achieve more together.
“As we embrace 2026, let us do so with a renewed sense of purpose, confidence in our collective capability, and pride in the difference we are making. I am excited and believe you equally are about the journey and opportunities ahead of us”, he stated.
By: Lady Godknows Ogbulu
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