The Minister for State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has given reasons why Africa cannot hurriedly transition from fossil fuels to renewable energy.
Sen. Lokpobiri said, “Africa, including Nigeria, cannot hastily transition with aids or grants. What we need is a strategic investment in our fossil fuels sector to bolster our economy and ensure energy security.”
He highlighted that Africa’s contributions to global emissions stand at a modest 3%, urging against precipitous actions that could impede the continent’s economic growth.
The Special Adviser on Media and Communication to the Minister, Nneamaka Okafor said, the Minister gave the reasons while delivering his speech at the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland.
Emphasizing the importance of financial independence in this transition, the Minister steered the conversation towards fostering investment and partnerships rather than deadlines.
In a resolute statement, he stated, “The conversation should be about fostering strategic partnerships and attracting investment, not enforcing timelines that could undermine our economic stability.”
The Minister’s words echoed the sentiment that transitioning should not be a rushed process but a carefully orchestrated collaboration between nations and industries.
Acknowledging Nigeria’s significant role in this global discourse, Minister Lokpobiri shed light on the country’s ambitious plans.
“With a projected transition plan and renewable energy investment of USD1.9 trillion and USD1.2 trillion by 2060, respectively, Nigeria recognizes the need to rely on its fossil fuels to finance this transition.”
However, he underscored the commitment to responsible exploration, assuring that Nigeria would balance economic growth with environmental responsibility.
Highlighting the urgency for international cooperation, the Minister urged, “We need to shift the focus from deadlines to meaningful investment and collaboration. This is not just about Nigeria; it’s about global partnerships that benefit everyone involved.”
The Minister made a compelling case for the symbiotic relationship between fossil fuels and renewable energy, emphasizing the need for a balanced approach that fosters economic growth and ensures environmental sustainability.
As the global community grapples with the transition dilemma, the Minister’s call for investment and partnership resonates as a pragmatic pathway to a sustainable future.
