Electricity. It is the energy foundation for modern economies and modern ways of life. For us, generating power is also about generating economic growth and quality of life.
As Aiteo actively and strategically broadens its scope of services, becoming a major player in the power industry is a natural conclusion
In Nigeria alone, 80% of total energy consumption for lighting and cooking is in the form of biomass, combustibles, waste and other renewable fuels. If made available and affordable, this translates to a huge potential residential and commercial market for the electricity to light and power homes and businesses.
One of our main exploration targets, the Niger Delta basin, may contain as much natural gas as any reserve ever discovered. Tapping this reserve will provide Aiteo with abundant resources to not only sell directly, but also to fuel Aiteo electrical generation plants.
Our operations will also work to unlock previously untapped reserves of natural gas, complementing Africa's ever-strengthening position in the dual industries of oil and gas production.
In order to do this, you need to be able to find the resources – and that means discovery of the gas itself, as well as having the necessary human capital to develop the commodity profitably.
The industry itself is ever-changing, with recent work focused on ensuring stakeholders receive a fair financial reward for their investment into one of the most important sectors in Nigerian and African economies alike. This makes the energy market within Nigeria, as well as imports and exports with its closest neighbours across West Africa, an excellent potential growth area that we are keen to be a part of.
But again, our commitment to the pan-African energy market is derived from more than simply the desire to conduct good business and make profit. We see a continent that is finding new ways to collaborate across national borders, and are keen to support this forward-thinking Africa by establishing the infrastructure needed for countries to add their own fuels to the pan-African supply.
In the past, power supplies across the continent have been disrupted by both human action and natural disaster: much of the country has the prospect of high growth, but has secured only low investment in the past; some poorly developed African markets have suffered due to price shocks stemming from other producing countries; conflict in some areas has had a physically disruptive effect on supply; and drought has seen areas of East Africa suffer.
Together we can establish a reliable fuel supply that is wholly African, insulating the continent from disruption abroad. We can create an infrastructure that spans developed and developing nations alike, giving residents access to a consistent and reliable power supply wherever they may be. We can ensure that the vast reserves available to Africa are developed in full, ensuring the future prosperity of all African nations.
With Aiteo generating power, at least 7.6 million Nigerians will gain access to a power grid. As we expand into other African countries, Aiteo is poised to bring the benefits of readily available electrical energy to millions more.