Amara Nwankpa, director of Partnerships and Development at the Yar’Adua Foundation, has stressed the need for Nigeria to carefully evaluate its energy transition pathways to tap the global gas market estimated at over $1trillion.
Speaking at the ‘Maximising Just Energy Transition Opportunities Through an Inclusive Country Platform,’ which was held on Tuesday, Nwankpa said recent increases in energy prices, driven by the removal of fuel subsidies and a sharp rise in electricity tariffs, have raised concerns about energy affordability, particularly for low-income households, and come at a crucial time when Nigeria is navigating its energy transition.
He noted that Nigeria is exploring significant investments in gas infrastructure, with a $5 billion investment portfolio aimed at boosting the economy through gas.
“We are at a critical juncture. The decisions we make today about transitioning away from fossil fuels will have far-reaching implications for our economy and communities reliant on oil and gas production,” Nwankpa stated.
Nwankpa also emphasised the importance of inclusivity in Nigeria’s energy transition.
“As renewable energy becomes more accessible, it’s critical that this transition does not leave marginalised communities behind. Today, only the wealthiest Nigerians can afford to buy PMS at current rates, and this raises serious concerns about energy accessibility for the average Nigerian,” he said.
“Our goal is to ensure that the voices of marginalised and extractive communities are part of the energy transition conversation.”
Nwankpa stressed that energy transition is not just an environmental issue but a matter of social justice. “The future of millions of Nigerians depends on how we navigate this transition. We must ensure it is equitable, sustainable, and beneficial for all.”
Other speakers at the event echoed the call for a balanced and inclusive energy transition.
Patrick Okigbo III, founding partner at Nextier, urged more action and stronger political commitment to ensure the success of the transition. “We need more coordination between stakeholders, including the private sector and the government, to drive this transition. The government should focus on regulating and enabling the private sector, rather than directly procuring or developing energy infrastructure.”
Nnimmo Bassey of the Health of Mother Earth Foundation (HOMEF) spoke about the environmental impact of fossil fuel extraction in the Niger Delta, highlighting the urgent need for remediation. “Even if Nigeria spends all its oil revenue on environmental repair, it wouldn’t be enough to fix the damage done to the Niger Delta,” he said.
Bassey also stressed the importance of meeting methane emissions reduction targets and leveraging the global Loss and Damage Fund as a means to finance climate action.
“As Nigeria faces rising energy costs and global pressure to transition to cleaner energy sources, it is clear that any successful energy transition must be inclusive, equitable, and driven by strong coordination between the public and private sectors. The voices of marginalized communities must be part of this process, ensuring that no one is left behind in the shift towards a more sustainable energy future,” he said.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
