By Hosea Parah, Abuja
A leading Nigerian energy economist, Dr. Diran Fawibe, has called for the establishment of a national body of experts to provide independent, evidence-based guidance on critical energy policy decisions, as he received a prestigious fellowship award from the Nigerian Association for Energy Economics.
Speaking at the fellowship conferment ceremony, Dr. Fawibe described the honour as both a privilege and a responsibility, using the occasion to unveil a proposal for the creation of a Nigerian Academy of Energy Economics. According to him, such an institution is urgently needed to strengthen policy formulation in a sector that underpins the country’s economy.
He noted that Nigeria’s energy sector accounts for about 90 percent of foreign earnings and roughly half of government revenue, yet lacks a standing, independent body of energy economists to provide non-partisan analysis on major decisions.
“Energy is the backbone of Nigeria’s economy,” he said. “When the energy industry sneezes, the entire economy catches a cold.”
Dr. Fawibe highlighted recent policy developments—including fuel subsidy removal, gas commercialization initiatives, implementation of the Petroleum Industry Act (PIA), and energy transition financing—as examples of complex decisions requiring rigorous economic evaluation. He expressed concern that such decisions are often made without transparent, peer-reviewed input.
He argued that the proposed Academy would fill this gap by offering confidential advisory services to key government institutions, including the Presidency, National Assembly, Central Bank, and regulatory agencies. It would also publish timely policy analyses, host high-level dialogues among stakeholders, and set professional standards for energy economic practice in Nigeria.
Drawing parallels with existing institutions such as the Nigerian Academy of Engineering and the Nigerian Academy of Science, Dr. Fawibe emphasized that energy economics deserves a similar platform given its strategic importance.
He also referenced the contributions of prominent Nigerian scholars and industry leaders in the field, suggesting that the country already possesses the expertise needed to establish and sustain such an academy.
“The decisions we face today are too significant to be left solely to politicians, multinational corporations, or government economists,” he said. “Nigeria needs a credible, independent voice to guide its energy future.”
Dr. Fawibe concluded by urging members of the association to consider the proposal seriously and expressed his commitment to supporting its implementation.
The event brought together distinguished fellows, industry stakeholders, and policymakers, underscoring the growing recognition of energy economics as a critical driver of national development.