Oando Powers Lagos Transport with 5,000 Electric Buses.
The Group Chief Executive Officer of Oando Plc, Wale Tinubu, has announced that the oil company is collaborating with the Lagos State Government to introduce 5,000 electric buses for public transport within the state.
Tinubu made this statement during an interview with CNBC Africa, at the conclusion of the recent World Economic Forum held in Davos, Switzerland.
He mentioned that the choice to invest in electric vehicles, especially for public transportation, stems from the company’s dedication to embracing cleaner energy solutions as part of its ‘just’ energy transition initiative.
Oando plans to incorporate artificial intelligence in its forthcoming drilling operations. Tinubu indicated that the company seeks to improve operational efficiency through the use of technology.
He elaborated that the implementation of AI has become essential to optimize resource utilization and enhance overall performance in Oando’s upcoming initiatives.
He emphasized that Africa cannot completely decarbonize or forsake its significant fossil fuel reserves for clean energy alternatives while a large portion of its population faces energy poverty.
“The case for decarbonization is as critical as the case for a just transition, and this transition must acknowledge the reality that 45% of Africa’s population lacks access to electricity or energy resources. Therefore, our initial step must be to utilize what we have, which indicates that our gas must become a part of the energy mix to meet the demands of our continent, serving as a transitional fuel while we develop an energy mix,” he articulated.
He mentioned that Oando, being a key player in Nigeria’s oil and gas sector, is adopting electric vehicles as a “carbon capture technique” to support the global decarbonization efforts.
“For every unit of carbon we introduce into the economy, environment, or world, we are also removing some by ensuring global practices in carbon capture, alongside boosting the prominence of our clean energy offerings as part of our products and services. Consequently, we are concentrating significantly on electric vehicles,” he added.
He shared that the firm will introduce 5,000 electric buses to Lagos as part of its effort to assist Nigeria in transitioning its public transport system from combustion engines to electric vehicles.
“We are utilizing gas as a transitional fuel to produce electricity to power these buses; transportation is responsible for 10% of global emissions, so by addressing public transport, we could potentially reduce emissions by nearly 5% right away. The initial step we are currently undertaking is collaborating on a public initiative aimed at converting Nigeria’s bus system from diesel and petrol to electric vehicles, starting with a pilot project with the Lagos state government, where we anticipate deploying up to 5,000 electric buses on our streets.”
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