Oil's Relevance in Nigeria's Future: Expert Insights

At the 4th Annual Distinguished Lecture of the Nigerian Society of Engineers (NSE) in Ilorin, energy expert Dan Kunle delivered a keynote address asserting that oil will continue to be relevant for the next 50 years, despite advancements in renewable energy technologies. He highlighted Nigeria's significant hydrocarbon wealth and warned against the failure to invest in exploration and refining industries, which he views as critical to the nation's economic prosperity.

Kunle pointed out that while renewable energy is growing, petroleum products remain essential across various industries globally. He urged Nigeria to move beyond merely exporting crude oil and to focus on refining and petrochemical manufacturing to generate higher economic value.

He cited the Dangote Refinery and Petrochemical Complex as a prime example of how domestic resources can transform industrial capacity. Kunle called for greater support for entrepreneurs in large-scale industrial investments and emphasized the importance of technological investment to unlock Nigeria's hydrocarbon potential.