Oil will remain a strategic global resource for decades despite the growing shift towards renewable energy.

An energy expert, Mr. Dan Kunle, disclosed this in Ilorin on Thursday while delivering the keynote address at the 4th Annual Distinguished Lecture of the Nigerian Society of Engineers (NSE), Ilorin Branch.

The event also featured a book presentation, golf tournament and the 80th birthday celebration of Engr. Lanre Sagaya.

He argued that Nigeria must take advantage of its hydrocarbon wealth now rather than delay investments in exploration, refining and industrial development.

The greatest threat facing Nigeria, he warned, is not the global energy transition but the failure to convert its abundant oil and gas resources into lasting economic prosperity.

While acknowledging the rapid growth of renewable energy technologies, he dismissed suggestions that oil could soon become obsolete, noting that petroleum products remain critical inputs for numerous industries across the world.

“Oil will remain useful. It will not go away as some narratives suggest because its by-products remain essential in the production of so many things.

“Oil will still be useful in the next 50 years and above despite advancements in other sources of energy,” he said.

According to him, Nigeria possesses substantial crude oil reserves and one of the largest natural gas deposits in the world but continues to struggle with energy poverty, inadequate infrastructure and limited industrialisation.

He argued that natural resources alone do not create wealth unless they are developed and transformed into productive economic assets.

Kunle stressed the need for sustained exploration and reserve replacement and warned that countries that stop investing in resource development risk undermining their future economic prospects.

He said engineering, technology, investment and infrastructure remain critical to unlocking the full value of Nigeria’s hydrocarbon resources.

“Accessibility requires technology, investment, institutions and engineers,” he said.

The energy expert urged Nigeria to move beyond exporting crude oil and focus on refining, petrochemicals, manufacturing and other industries capable of generating higher economic value.

“A barrel of crude oil generates one level of value. Refined products generate greater value. Petrochemicals generate greater value. Industrial manufacturing creates even greater value,” he said.

Kunle cited the Dangote Refinery and Petrochemical Complex as a practical example of how a nation’s resource wealth can be transformed into industrial capacity through engineering expertise, investment and long-term vision.

According to him, the refinery demonstrates the enormous benefits of domestic resource transformation by integrating refining, fertiliser production, petrochemicals, logistics and supporting infrastructure within a single industrial ecosystem.

He said such projects help reduce imports, deepen industrialisation, strengthen local value chains and create thousands of direct and indirect jobs across the economy.

Kunle further called for greater support for entrepreneurs willing to undertake large-scale industrial investments, saying government policies should encourage more Nigerians to venture into resource processing, manufacturing and infrastructure development.

According to him, industrialists like Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, Tony Elumelu, Femi Otedola and Dahiru Mangal among others, are examples of business leaders who have demonstrated the capacity to drive transformational investments.

On Nigeria’s energy future, Kunle argued that the country should increasingly view itself as a “gas nation instead of oil”, noting that its proven reserves of about 210 trillion cubic feet offer enormous opportunities for power generation, fertiliser production, petrochemical manufacturing and industrial growth.

While supporting cleaner energy development, he maintained that Africa’s industrialisation and economic expansion would continue to require hydrocarbons for many years.

He warned that Nigeria risks losing enormous opportunities if it fails to develop its oil and gas resources while they remain commercially and strategically valuable.

“Every year of delay carries a cost. Every undeveloped resource represents a lost opportunity. Every missed investment represents lost jobs. Every stranded resource represents unrealised prosperity,” he said.

In his welcome address, Chairman of the NSE Ilorin Branch, Dr. Olusola Adetola Ogunjirin, described the lecture theme as timely and significant.

He said Nigeria must continue to pursue sustainable and innovative approaches to ensure its vast oil and gas resources translate into national development and improved living standards for citizens. (Daily Trust News)

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