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At the ongoing ninth edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia, Mr. Kola Karim, Chairman of Shoreline Group, delivered a powerful reflection on leadership, energy, and Africa\u2019s development future.<\/p>\n
Speaking with Arise Business Correspondent, Karim emphasized that Nigeria\u2019s ambition in the oil and gas sector must be bolder, urging the nation to raise its target production to five million barrels per day by 2030, not three million.<\/p>\n
Karim, who leads an industrial conglomerate focused on energy and infrastructure investments across Sub-Saharan Africa, described leadership as \u201cthe very core of globalization,\u201d stressing that both public and private sectors must share responsibility for societal progress.<\/p>\n
\u201cWe often assume that leadership should concern itself solely with the public sector,\u201d he said. \u201cIn reality, the social contract must be upheld by both public and private sectors, because true leadership is defined by the extent to which one is willing to serve\u2014regardless of the arena.<\/p>\n
He explained that the relationship between business and community, what he calls the \u201csocial contract\u201d, is essential to peace and progress.<\/p>\n
Drawing from his company\u2019s experience, he cited the Niger Delta as a model for how engagement and mutual respect can sustain long-term business operations.<\/p>\n
\u201cOur social contract with the communities we engage in is what helps us build and run a successful, safe, secure business,\u201d he noted.<\/p>\n
Karim contrasted Saudi Arabia\u2019s remarkable infrastructure transformation with the sluggish pace in Nigeria and much of Africa.<\/p>\n
He lauded the Kingdom\u2019s disciplined approach, crediting its progress to long-term planning and consistent execution.<\/p>\n
\u201cIt\u2019s not that Nigeria and other African nations lack plans,\u201d he said. \u201cThe real challenge lies in consistent execution and follow-through. What Saudi Arabia has achieved in recent years is remarkable\u2014you can see visible progress every quarter.\u201d<\/p>\n
\u201cIt\u2019s not like in Nigeria and African states we don\u2019t have plans,\u201d he said. \u201cThe problem is execution and sticking with the plan. What Saudi Arabia has done over the years is phenomenal, you see tangible differences every quarter.\u201d<\/p>\n
He underscored that Africa, despite holding over 26% of the world\u2019s natural resources and boasting the youngest population on earth, continues to lag because \u201cwe focus more on who, rather than the construct of getting it done.\u201d<\/p>\n
Turning to Nigeria\u2019s domestic reforms, Karim commended President Bola Ahmed Tinubu\u2019s administration for introducing an executive order that increased the spending limit for operators in the oil and gas sector from $2 million to $10 million.<\/p>\n
\u201cBefore now, $2 million wouldn\u2019t even buy a compressor, which is essential to operate in oil and gas,\u201d he explained. \u201cThe problem of Nigeria\u2019s oil and gas industry isn\u2019t about reserves\u2014we have 47 billion barrels of oil and 210 trillion cubic feet of gas\u2014it\u2019s about aging infrastructure.\u201d<\/p>\n
According to him, the order has already begun to yield results, allowing companies to import and install much-needed equipment, boosting production and drilling activity.<\/p>\n
\u201cThis production growth is not by accident. The executive order has made it easier for operators to invest and get things done. We\u2019re now at about 1.7 million barrels per day, and with the renewed drilling activity, we\u2019ll surpass the 3 million target.\u201d<\/p>\n
But Karim believes Nigeria must be more ambitious.<\/p>\n
\u201cFor me, the focus shouldn\u2019t be three million. By 2030, Nigeria should target five million barrels per day,\u201d he insisted, comparing Nigeria\u2019s potential to global leaders: \u201cThe U.S. is producing 12.5 million barrels and targeting 15; Saudi Arabia is at 11.5. Ten years ago, the UAE was producing what Nigeria was, 2.5 million barrels, but today, they\u2019re at 4.2.\u201d<\/p>\n
Karim called for accelerated investment in Nigeria\u2019s gas value chain, emphasizing that the nation\u2019s 210 TCF gas reserves are grossly underutilized.<\/p>\n
\u201cWe\u2019re only on our seventh LNG train, while countries with smaller reserves are on their fifteenth,\u201d he said. \u201cTo grow oil production, we must also grow gas production. They go hand in hand.\u201d<\/p>\n
He supported the government\u2019s push for compressed natural gas (CNG) as an alternative fuel but cautioned that logistics and safety infrastructure must be strengthened.<\/p>\n
\u201cCNG is gas, you have to transport it safely and dispense it with specialized equipment. Without effective distribution, it won\u2019t yield the intended benefits,\u201d he said.<\/p>\n
On the global debate around energy transition and renewables, Karim echoed the sentiments of industrialist Aliko Dangote, asserting that Africa cannot be held to the same standards as advanced economies.<\/p>\n
\u201cAfrica contributes under 3% of global emissions,\u201d he stated. \u201cIt\u2019s unfair to benchmark us at the same level as OECD countries who are already on their fourth industrial revolution. Africa hasn\u2019t had its first.\u201d<\/p>\n
He highlighted that Africa\u2019s mix of hydro potential, abundant sunshine, and youthful population positions it well for a balanced, sustainable energy future, if pursued at its own pace.<\/p>\n
\u201cIt\u2019s not about abandoning oil and gas. It\u2019s about building the infrastructure to transition responsibly. We can\u2019t just stop producing oil and gas\u201490% of our foreign exchange comes from it,\u201d he argued. \u201cWe must develop a strategy at our own pace to support our growth.\u201d<\/p>\n
Karim warned that Africa\u2019s youthful demographic, 65% under age 30, represents both a promise and a risk. Without leadership that delivers prosperity, he cautioned, the continent could face instability and mass migration.<\/p>\n
\u201cIf you have 65% of a continent under 30 and they\u2019re poor, you have a problem\u2014they will search for prosperity elsewhere,\u201d he said. \u201cWhen I go to the West seeking funds to build power plants, railroads, and schools, I\u2019m helping to save you. Because if Africa fails, the world will feel it.\u201d<\/p>\n
Closing on a visionary note, Karim called for a unified yet diverse global order that values humanity over dominance.<\/p>\n
\u201cWe cannot live in a unipolar world; we must live in a unified world with different ideals, but we must execute for humanity,\u201d he declared. \u201cIt doesn\u2019t matter if I\u2019m successful and surrounded by poverty, your wealth has no value if others have nothing. Shared prosperity is the path to peace and stability.\u201d<\/p>\n
From energy reform to social leadership, Kola Karim\u2019s insights at FII 2025 echoed one timeless principle: execution, equity, and vision are the real currencies of leadership.<\/p>\n","protected":false},"excerpt":{"rendered":"At the ongoing ninth edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia, Mr. Kola Karim,…\n","protected":false},"author":2,"featured_media":110858,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-110857","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/110857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=110857"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/110857\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/110858"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=110857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=110857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=110857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}