Sopuruchi Onwuka

Nigeria needs to strengthen its ability to withstand shocks in the global energy market by diversifying across oil, gas and mineral resources, according to Layi Fatona, chairman of Renaissance Africa Energy Company Limited.

Ad >>>

Speaking at the 61st Annual International Conference and Exhibition of the Nigerian Mining and Geosciences Society in Uyo, Akwa Ibom State, Fatona warned that Nigeria must prepare for continued volatility driven by commodity cycles, shifting energy geopolitics and rising security risks. His remarks were delivered by the company’s Vice-President for Exploration, Johnbosco Uche.

He said infrastructure must be built to withstand economic, environmental and security pressures, noting that the conference theme on efficiency, sustainability and resilience reflects both Nigeria’s current challenges and its long-term needs in a rapidly changing global energy landscape.

Fatona stressed that improving efficiency across the entire resource value chain remains critical. This includes exploration, development, production and access to markets. He called for reducing operational delays, cutting redundancies and improving recovery rates, adding that better use of data will be key to achieving these gains.

He also highlighted the importance of infrastructure in turning natural resources into economic value. According to him, resource wealth cannot deliver benefits without the systems needed to process and transport it. He urged greater investment in transport networks, processing facilities, gas infrastructure and export corridors, while encouraging more coordinated planning across the oil, gas and mining sectors to lower costs and increase domestic value creation.

On sustainability, Fatona said the focus should go beyond regulatory compliance to become part of core business strategy. He pointed to the need for environmental protection, inclusion of host communities and responsible resource management to ensure long-term benefits. He added that current extraction activities should not undermine future economic prospects.

Fatona also pointed to the growing role of technology in the sector. He said tools such as digital subsurface modelling, artificial intelligence and automation can improve efficiency, safety and output. Real-time monitoring of infrastructure, he added, can help reduce losses and improve reliability. He warned that Nigeria risks falling behind if it does not adopt these technologies more quickly.

He commended the administration of Bola Ahmed Tinubu for recent executive orders aimed at improving the business environment in the natural resources sector. According to him, these steps signal a commitment to developing Nigeria’s resource base in a more sustainable way and supporting industrial growth.

Fatona said the reforms are already helping to empower local operators and improve ease of doing business. He described industrialisation as essential for a country with Nigeria’s population, talent base and natural resource endowment.

He concluded by calling for stronger collaboration between government, industry and other stakeholders to ensure that Nigeria achieves its goals of economic diversification and long-term growth.