The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said that the country is facing an Energy Trilemma that needs to be addressed to boost economic development.
Kachikwu who was represented by his Special Adviser on Fiscal Strategy, Dr Tim Okon, stated this on Tuesday at the on-going annual conference and exhibition of the Nigerian Association of Petroleum Explorationists in Lagos. He noted that the ministry’s Seven Big Wins initiative was aimed at focusing on economic development, and not the collection and division of rents.
He said, “Our task is not only to extract but also to process and to create activities that lead to economic development. The essential reforms in the oil and gas industry must be anchored on getting our people back to work. Our economy lacks the essential engine for growth. We are in an Energy trilemma: We export energy in a primary form, we import petroleum products, and we have a power crisis. That is called the energy trilemma. So, we must deal with this. We are working so that we get results.”
Source: The Punch
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