The African Petroleum Producers Organisation (APPO), an inter-governmental oil and gas organization comprising 18 member nations, has voiced its opposition to the rapid implementation of the energy transition in Nigeria and other African countries.
Farouk emphasized that Africa is the primary victim of the swift energy transition driven by developed nations worldwide.
He expressed concerns that Africa is being pressured to cease fossil fuel exploration.
However, he pointed out that Nigeria and other African nations have a responsibility to utilize their abundant oil and gas resources to foster economic development.
Addressing the conference’s theme, “The Future of the Oil and Gas Industry: Opportunities, Challenges, and Development,” Farouk highlighted that developing countries, particularly those in Africa, would bear the brunt of a rapid energy transition.
He cautioned that if anticipated technological advancements in renewable energy do not materialize as expected and the oil and gas industry is abandoned, it could lead to a global energy shortage, with richer nations benefiting at the expense of developing countries.