The Nigeria Extractive Industries Transparency Initiative (NEITI), on Tuesday, launched a research on the impact of energy transition on Nigeria’s economy.
The study’s outcomes is expected to play a pivotal role in shaping Nigeria’s policy responses, guiding investments in clean energy, and ensuring that the energy transition is both sustainable and inclusive, a statement signed by Obiageli Onuorah, acting director, communications & stakeholder management, said.
The launch brought together key stakeholders to refine the study’s approach and provide strategic insights that would position Nigeria amidst global shifts in energy priorities.
Delivering the opening remarks, George Akume, chairman NEITI board, represented by Mathew Adoli, its alternate chair, emphasised the urgent need for Nigeria to strategically respond to the challenges and opportunities presented by the global move towards cleaner energy.
“The transition from fossil fuels to renewable energy sources is no longer an abstract concept. It is a reality shaping policies, markets, and investment decisions worldwide,” he said
Akume outlined three critical areas of focus for the study which he said include revenue diversification by accelerating reforms in non-oil sectors which should prepare Nigeria for declining oil revenues; investment in clean energy that would attract global and domestic investment in renewable energy infrastructure, and just transition that would ensure an inclusive and equitable shift to clean energy.
He reaffirmed the National Stakeholders Working Group (NSWG)’s commitment to providing strategic oversight and facilitating stakeholder engagements to ensure the success of the study.
In his remarks, Orji Ogbonnaya Orji, executive secretary of NEITI, further highlighted the study’s significance, linking it to key findings from the recently released NEITI’s 2023 Oil and Gas Industry Report.
“Some of these findings are the 15% decline in Oil Revenues between 2022-2023; and 8% decrease in Nigeria’s production volumes between 2022 and 2023 with the reserve-replacement ratio steadily declining.”
Orji emphasised that the findings in the NEITI reports signaled the growing impact of global energy transition policies, which underscore the urgency of addressing Nigeria’s energy transition impacts.
Erisa Danladi Sarki, a representative of the Civil Society on the NEITI Board, welcomed the inclusion of civil society in the study but called for particular attention to be paid to the negative impacts of energy transition and climate change on women and children as well as gender diversity.
Stakeholders at the meeting affirmed their shared commitments to transparency, accountability and collaboration.
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