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Wednesday, February 28, 2024

Nigeria ready to shift from oil, says Tinubu at COP28

At the ongoing UNFCCC’s COP28 in Dubai, Nigeria’s President, Bola Ahmed Tinubu, has announced to the world its intention to shift from oil to cleaner sources of energy.

Balarabe Abass Lawa
Minister of Environment, Balarabe Abass Lawal, speaking at COP28

The Nigerian president in a speech delivered by the Minister of Environment, Balarabe Abass Lawal, maintained its position for large-scale investment from developed nations as the only means for the country to comply with the UN’s call for climate action, and achieve the twin ambitions of development and sustainability.

The president said: “Pursuant to our ‘decade of gas’ policy, we now seek to shift from oil, coal and wood to using cleaner gas. We seek large-scale investment in this area as well as in renewable energy.

“As Nigeria commits to reducing emissions by moving to cleaner energy sources, we urge developed nations to finally honour their commitment to providing the needed technology to help promote development while simultaneously mitigating climate change.

“Developing economies cannot be pressed and pressured into bearing a disproportionate share of the burden. The framework of a sustainable climate change solution cannot mirror the extant imbalances of the current global economic order.”

Nigeria has been heavily reliant on oil for over three decades, with fossil fuels accounting for 60% of government revenue and nearly 90% of foreign exchange earnings. To date, Nigeria remains one of Africa’s biggest oil producers, with fossil fuels accounting for 60% of government revenue and 90% of foreign exchange earnings.

Nigeria’s former President, Muhammadu Buhari, during COP26 in Glasgow pledged that the country would attain net zero emissions by 2060.

This goal appears to be in sharp contrast to what the newly operational Petroleum Industry Act envisions as the oil and gas role in Nigeria’s economy.

By ’Seyifunmi Adebote

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